Inomin Mines Inc. (TSXV: MINE) ("Inomin" or the "Company") announces that, further to its news release dated July 26, and August 25, 2021, it has closed its second and final tranche (the "Second Tranche") of its non-brokered private placement (the "Offering"). Under the Second Tranche, the Company issued 724,000 non-flow-through units ("NFT Units") for gross proceeds of $72,400.00. Each NFT Unit will be comprised of one non-flow-through common share and one-half (0.5) of one warrant, with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of 2 years from the date of issuance at an exercise price of $0.15.
On August 25, 2021, the Company closed the first tranche of the Offering pursuant to which the Company issued 2,862,000 flow-through units ("FT Units") for gross proceeds of $357,750.00 and 446,000 NFT Units for gross proceeds of $44,600.00, for total gross proceeds of $402,350.00. Each FT Unit is comprised of one flow-through common share and one-half (0.5) of one warrant, with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of 2 years from the date of issuance at an exercise price of $0.15.
Proceeds from the Offering will be used for work programs on the Company's exploration properties and for general working capital purposes. No finder's fees were paid in connection with the Second Tranche. All securities issued under the Second Tranche are subject to a hold period expiring January 25, 2022, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Under the Second Tranche, John Gomez, Chief Executive Officer and a director of the Company, purchased 224,000 NFT Units. His participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by such persons would exceed $2,500,000. The Company did not file a material change report more than 21 days before the expected closing of the Second Tranche as the details of the Second Tranche and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About Inomin Mines
Inomin Mines is engaged in the identification, acquisition and exploration of mineral properties, especially gold, silver and nickel projects that display strong potential to host significant mineral resources. Inomin holds the La Gitana and Pena Blanca gold-silver properties in Mexico. The Company owns a 100% interest in the Beaver-Lynx sulphide nickel project in south-central British Columbia, and the Fleetwood zinc-copper-gold-silver VMS project in south-west British Columbia. Inomin also owns 100% of the King's Point gold-copper-zinc project in Newfoundland under option to Maritime Resources Corp. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: "John Gomez"
President and CEO
For more information please contact:
John Gomez. Tel. 604.566-8703
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-looking Statements
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the Offering and statements as to management's expectations and intentions with respect to, among other things, the use of proceeds of the Offering.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the Company will not be able to use the proceeds from the Offering as anticipated.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will be able to use the proceeds from the Offering as anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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