Non-brokered private placementI usually hate dilution, but this looks like a reasonable private placement funded by insiders. Since IAMGOLD and Dundee were willing to participate, it seems as though things are progressing okay with Loma Larga.
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INV Metals Announces Private Placement Financing
INV Metals
Tue, January 26, 2021, 2:49 PM
TORONTO, Jan. 26, 2021 (GLOBE NEWSWIRE) -- INV Metals Inc. (“INV Metals” or the “Company”) (TSX:INV) is pleased to announce a non-brokered private placement (the “Private Placement”) of a minimum of 13,654,249 common shares (“Shares”) at a price of $0.45 per Share for gross proceeds of at least $6.1 million.
The proceeds from the Private Placement will be used for the advancement of the Loma Larga Project and for general corporate purposes. The Private Placement is expected to close on or about January 28, 2021 and is conditional upon the satisfaction of customary conditions, including approval of the Toronto Stock Exchange.
Both IAMGOLD Corporation and Dundee Precious Metals Inc. have confirmed that they intend to participate in the Private Placement and acquire 4,848,287 and 8,805,962 Shares, respectively.