- IMC International Mining (CSE:IMCX) is set to raise C$1 million in a brokered private placement led by Gravitas Securities
- The company will issue a total of 2,083,333 units at a price of $0.48 each
- Proceeds from the placement will be used to fund the company’s 2020 drill program, as well as for general working capital
- Separately, the company has extended its investor relations agreement with Media Relations Publishing and signed a second investor relations agreement with TAS Solutions
- IMC International Mining (IMCX) is currently up 2.94 per cent to $0.70 per share, with a market cap of $21.22 million
IMC International Mining (CSE:IMCX) is set to raise C$1 million in a brokered private placement led by Gravitas Securities.
The junior exploration and development company is currently focused on advancing its Cathedral Property in Northern British Columbia and the Bullard Pass Property in Nevada, USA.
Under the terms of the agreement, Toronto-based Gravitas Securities will act as lead agent, potentially on behalf of a syndicate, to sell up to 2,083,333 units at a price of $0.48 each.
Each unit will be comprised of one common share in the capital of IMC International, as well as one share purchase warrant to acquire an additional share at a price of $0.60 within two years from the date of issuance.
IMC International says that it plans to use the proceeds from the offering to fund its 2020 drill program, as well as for general working capital purposes.
In connection with the placement, the company will grant Gravitas Securities the option to increase the offering by up to an additional 2,083,333 units for a further $1 million.
Gravitas, along with any other agents involved in the placement, will also be entitled to a cash fee equal to 8 per cent of the proceeds received from the sale of the units.
Pursuant to the applicable Canadian laws, all of the securities issued will be subject to a holding period of four months and one day from the date of issuance.
Separately, IMC International has extended its investor relations agreement with Media Relations Publishing (MRP). The company will pay a total of $207,350 for an additional 30 days of service from MRP.
Furthermore, IMC International has entered a second investor relations agreement with TAS Solutions, which specialises in providing advisory services and marketing content to publicly listed companies. IMC International will pay a total of $31,900 to TAS Solutions for 30 days of service.
IMC International Mining (IMCX) is currently up 2.94 per cent to $0.70 per share at 2:30pm EST.