VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 23, 2016) – Further to International Millennium Mining Corp.’s (“IMMC” or the “Company”) (TSX VENTURE:IMI) announcement of April 12, 2016, the Company has closed its private placement which has raised gross proceeds of CAD$789,620. Under the terms of the offering, the Company will issue 15,792,400 units at $0.05 per unit, upon receipt of TSX Venture Exchange (“Exchange”) approval of the transaction. Each unit is comprised of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.05 per share, if exercised within thirty-six (36) months of the issue date. Shares issued under the placement or upon exercise of the warrants are subject to a four month hold period. The shares and warrants will be issued upon acceptance of the transaction by the Exchange. The proceeds of the financing will be used for working capital.
In addition, IMMC has entered into shares for debt agreements, pursuant to which the Company will issue 16,289,280 common shares at a deemed price of $0.05 per share, in satisfaction of CAD$814,464 in trades payable. The indebtedness includes $177,455 of debt owed to insiders, including officers and directors of the Company. IMMC determined to satisfy the indebtedness with common shares in order to preserve its cash for working capital and Nivloc Mine Property expenditures. The shares will be issued upon acceptance of the transaction by the Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
Subsequent to the private placement and the shares for debt transactions, there will be 141,734,976 shares of the Company issued and outstanding.
Trading of the Company’s securities on the Exchange was halted in December 2013, pending the completion of a proposed transaction with Elephant Copper Ltd. (“Elephant”). On November 27, 2015, the Company announced that the transaction with Elephant was terminated by written notice from Elephant on September 13, 2015. Following the termination of the Elephant transaction, the Company initiated discussions with the Exchange to remove the trading halt and resume trading of its securities. IMMC has submitted its application to have the trading halt removed, and the transactions described in this news release approved. Subject to approval of the Company’s reinstatement application by the Exchange, trading of the Company’s securities will resume on June 30, 2016.
International Millennium Mining Corp. (TSX VENTURE:IMI) is a mineral exploration and development company engaged in acquiring known smaller mine deposits, such as its Nivloc, Nevada silver-gold mine project, in the Americas, with the goal of advancing the properties to the mining stage. Emerging targets include silver, gold, copper, zinc and lead. The Company’s common shares trade on the TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J.
ON BEHALF OF THE BOARD
John A. Versfelt, President and CEO
Further information about the Company can be found on SEDAR (www.sedar.com) or by contacting Mr. John Versfelt, President & CEO of the Company at 604-527-8135.
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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
John A. Versfelt
President & CEO
(604) 527-8135
(604) 527-9126 (FAX)
info@immc.ca