INV Metals Inc INV:CA announced that it has entered into an agreement with a syndicate of investment dealers who have agreed to purchase on a bought-deal basis 11,350,000 common shares of INV at $1.15 per share, for aggregate gross proceeds of approximately $13,052,500. Additionally, INV has granted the underwriters an option to purchase up to an additional 1,702,500 shares at the offering price for additional gross proceeds of up to approximately $1,957,875.
The net proceeds of the offering are intended to be used for exploration and development expenditures at INV’s Kaoko and Rio Novo exploration projects, as well as for working capital and general corporate purposes. INV is currently earning a 50% interest in the Kaoko and Rio Novo properties from Teck Resources Limited.
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or Robert C. Bell
by Ted Niles