NR - Inter-Citic Announces Completion of Final TraInter-Citic Announces Completion of Final Tranche of C$21 Million Non-Brokered Equity Financing at $1.90 Per Unit
TORONTO, ONTARIO, Jul 11, 2011 --
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
Inter-Citic Minerals Inc. (TSX:ICI)(OTCQX:ICMTF)("Inter-Citic" or "the Company") President and CEO James Moore ispleased to announce the completion on Friday, July 8, 2011, of thefinal tranche of a $21 million non-brokered private placementfinancing previously announced by the Company.
The total completed financing consists of 11,052,632 Units("Units") of the Company at a price of C$1.90 per Unit, for totalgross proceeds of $21,000,000. Each Unit consists of one common shareand one-half of one common share-purchase warrant. Each whole warrantentitles the holder to acquire one common share of the Company at aprice of $2.00 for a two year period from the closing date, at whichtime any unexercised warrants will expire. The common shares issuedpursuant to the offering are subject to a statutory hold period offour months from closing.
The second tranche of the financing closed on Friday, July 8thand consisted of 4,421,053 Units for gross proceeds of $8.4 million.The first tranche of this financing representing 6,631,579 Unitsclosed on Monday, June 27, 2011 for gross proceeds of $12.6 million.
Subscribers to the transaction are investors resident in China.
The net proceeds of the offering will be used to advanceInter-Citic's Dachang Gold Project in China by completing a ChineseFeasibility Study this year as well as all other advanced engineeringstudies required under Chinese regulations in order to complete themine permitting process, as well as continuing regional explorationfor further resource expansion, and for general corporate purposes.
The securities being offered have not been, nor will they be,registered under the United States Securities Act of 1933, as amended,and may not be offered or sold in the United States or to, or for theaccount or benefit of, U.S. persons absent registration or anapplicable exemption from registration requirements. This pressrelease shall not constitute an offer to sell or the solicitation ofan offer to buy nor shall there be any sale of the securities in anystate in which such offer, solicitation or sale would be unlawful.
On Behalf of the Board:
James J. Moore, President & CEO
ABOUT INTER-CITIC:
Toronto-based Inter-Citic Minerals Inc. is an exploration anddevelopment company advancing its Dachang Gold Project in the People'sRepublic of China. Inter-Citic is listed on the TSX under the symbolICI. Inter-Citic's website is
www.inter-citic.com.
Investors are encouraged to review "Risk Factors" associatedwith the Dachang project as outlined in the Company's 2010 FinancialStatements and Annual Information Form, along with updates, availableon the SEDAR website at
www.sedar.com.The statements herein that are not historical facts areforward-looking statements. These statements address future events andconditions and so involve inherent risks and uncertainties, asdisclosed under the heading "Risk Factors" in the company's periodicfilings with Canadian securities regulators. Actual results coulddiffer from those currently projected. The Company does not assume theobligation to update any forward-looking statement.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts: Inter-Citic Minerals Inc. Stephen Lautens VicePresident, Corporate Communications (905) 479-5072 x 227stephen@inter-citic.com