VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2016) - International Millennium Mining Corp. ("IMMC" or the "Company") (TSX VENTURE:IMI) announces a private placement of up to CAD$1,200,000. Under the terms of the offering, the Company will issue up to 24,000,000 units at $0.05 per unit. 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 on or before June 29, 2019. Shares issued under the placement or upon exercise of the warrants are subject to a four month hold period.
The Company will pay up to a 7.5% finder's fee and issue broker warrants up to 7.5% of the private placement units. Each broker warrant entitles the holder to acquire one (1) common share for $0.05, for a period of twenty-four (24) months from the date of closing. The private placement is subject to acceptance of the transaction by the TSX-Venture Exchange (the "Exchange").
The Company will use the proceeds of the private placement for exploration work on its Nevada Nivloc silver and gold property (the "Nivloc Property") and for working capital. The proceeds will also be used to exercise the Company's option to purchase Silver Reserve Corp.'s two percent (2%) of Net Smelter Returns royalty interest on production from the Nivloc Property (the "2% NSR"), pursuant to the terms of the Sale and Purchase Agreement, announced by the Company in its February 2, 2016 news release, half of which will be granted to a 3rd party following the purchase, transfer and recording of the 2% NSR for and on behalf of IMMC's wholly owned Nevada subsidiary.
In addition, IMMC has entered into a shares for debt agreement, pursuant to which the Company will issue 502,500 common shares at a deemed price of $0.05 per share, in satisfaction of CAD$25,125 in trades payable to a company with common officers. IMMC determined to satisfy the indebtedness with common shares in order to preserve its cash for working capital and Nivloc 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.
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, and copper. 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.