Inomin Mines Inc. (TSXV: MINE) (“Inomin” or the “Company”) is pleased to announce a non-brokered private placement of securities to raise total gross proceeds up to $500,000 (the “Financing”). The Financing will be comprised of a combination of non-flow-through units (the “NFT Units”) to be sold at a price of $0.04 per NFT Unit and flow-through units (the “FT Units”) to be sold at a price of $0.05 per FT Unit.
Each NFT Unit will be comprised of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each FT Unit will be comprised of one Share that will qualify as a “flow through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) and one Warrant. Each Warrant will entitle the holder thereof to purchase one additional Share for a period of three (3) years from the date of issuance at an exercise price of $0.10 per Share. A maximum of 10,000,000 NFT Units and 2,000,000 FT Units, as applicable, will be issued in the Financing.
The Warrants will be subject to an acceleration clause which allows the Company to provide notice that the expiry date of the Warrants has been accelerated if the closing price of the Shares on the TSX Venture Exchange (the “TSXV”) is equal to or greater than $0.20 for a period of ten consecutive trading days, provided that the accelerated expiry date shall not be less than 30 days from the date notice is given.
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