IMC International Mining Corp. Announces $1,000,000 Flow-Through Private Placement
VANCOUVER, BC / ACCESSWIRE / June 26, 2020 / IMC International Mining Corp. (IMCX.CN)(OTC PINK:IMIMF)(3MX.F) (the "Company" or "IMC"), is pleased to announce that it intends to complete a non-brokered private placement offering (the "Offering") of up to 3,333,333 flow-through units of the Company (the "FT Units", and each an "FT Unit") at a price of $0.30 CDN per FT Unit for gross proceeds of up to $1,000,000 CDN. Each FT Unit will be comprised of one common share of the Company that qualifies as a "flow-through share" for the purposes of the Income Tax Act (Canada) (an "FT Unit Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.40 CDN at any time prior to the date that is twenty-four (24) months following the closing date of the Offering.
The gross proceeds raised from the sale of the FT Units under the Offering will be used by the Company to fund exploration programs on its Thane Property in north-central British Columbia that qualify as "Canadian Exploration Expenses" ("CEE") and "flow-through mining expenditures", as those terms are defined in the Income Tax Act (Canada).
Closing of the Offering is anticipated to occur on or before July 3, 2020 and is subject to regulatory acceptance. Finder's fees may be payable in appropriate circumstances in connection with the Offering.
The FT Unit Shares and the Warrants issued pursuant to the Offering will be subject to a hold period under applicable Canadian securities laws of four months and one day from the closing date of the Offering.
