Inomin Mines announced that it has entered into an agreement to acquire private Australian company Canada Metals.
Inomin Mines (TSXV:MINE) announced that it has entered into an agreement to acquire private Australian company Canada Metals. Canada Metals is backed by Melbourne-based investment management firm Peak Asset Management.
Inomin will make the acquisition by issuing 2 million common shares and 2 million share purchase warrants to shareholders of Canada Metals. According to the company, the warrants will be exercisable at $0.08 per share for two years.
As quoted in the press release:
Canada Metals provides Inomin capital directly, as well as through its affiliation with Peak, that will source investment for the Company through the firm’s network of private and institutional investors. The Company intends to complete a private placement in the coming months, a condition of the transaction, to pursue attractive mineral property acquisition opportunities, especially precious metals projects.
John Gomez, president of Inomin, commented:
We’re delighted to be working with Peak and Canada Metals to access new investment capital. This transaction is a creative means to raise funds in the current challenging market environment. With new funding we look forward to capitalizing on opportunities.