- Intrepid Metals has increased the size of its non-brokered private placement to $6.6 million because of high demand
- The company previously closed the first tranche of the offering on Jan. 5 for $3.23 million
- A second tranche has been added for an additional $3.37 million
- Shares of Intrepid Minerals are up 16.28 per cent to C$0.50 as of 11:21 am ET
Intrepid Minerals (TSXV:INTR) has increased the size of its non-brokered private placement to $6.6 million because of high demand.
In a news release, the Vancouver-based company stated the first tranche of the offering previously closed on Jan. 5 for $3.23 million and that a second tranche has now been added for an additional $3.37 million.
A total of 9.91 million units will be offered, with each including one post-consolidation common share and one common share purchase warrant.
The net proceeds of the second tranche will be used for exploration and development expenditures on Intrepid Metals’ mineral properties, investor relations activities and general working capital.
Prior to the private placement announcement, Intrepid Metals closed the acquisition of the MAN property from Mining and Mineral Opportunity within the Corral Copper Project in Arizona. The Corral Copper Project area includes 50,000 metres of historical drilling data with shallow mineralization of copper and gold.
“We are very pleased to close this integral acquisition as it completes the consolidation of a 3-kilometre trend of impressive copper and gold mineralization within our larger Corral Copper Project area,” Ken Brophy, CEO of Intrepid Metals, said in a statement. “We are excited to begin to unlock the value within the district as the previous fragmented land ownership has acted as a barrier to a district-scale approach to exploration and development.”
Intrepid Metals is focused on exploring for high-grade essential metals such as copper, silver, lead and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona.
The company has acquired or has agreements to acquire several drill-ready projects, including the Corral Copper Project and the Tombstone South Project.
Shares of Intrepid Minerals are up 16.28 per cent to C$0.50 as of 11:21 am ET.
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