Inspiration Mining Corporation

Inspiration Mining Corporation

October 11, 2006 14:05 ET

Inspiration Increases Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 11, 2006) - Inspiration Mining Corporation (the "Corporation") (TSX VENTURE:ISM)(Frankfurt:OI8)is pleased to announce that, subject to regulatory approval, it has amended the terms of its non-brokered private placement previously announced in its press release dated September 29, 2006. The Corporation has increased the number of Units from 3,125,000 to 3,375,000 Units a price of $0.80 per Unit for gross proceeds of up to $2,700,000.

Each Unit is comprised of one (1) common share and one (1) common share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to purchase one (1) common share for a period of one (1) year from the date of issuance. The Warrants are exercisable at a price of $1.10 per common share. There may be a finder's fee paid in connection with the proposed private placement. The proceeds will be used for further exploration and development of the Corporation's properties and for general working capital.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Inspiration Mining Corporation
    Randy Miller
    (905) 853-7400