INV Metals Inc.
TSX : INV

INV Metals Inc.

November 12, 2010 09:18 ET

INV Metals Announces Closing of $13 Million Financing

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

INV Metals Inc. ("INV Metals" or "Company") (TSX:INV) announced today that it has closed its previously announced bought deal financing of 11,350,000 common shares of the Company (the "Shares") at a purchase price of $1.15 per Share (the "Offering") for gross proceeds to the Company of $13,052,500. The Shares were sold through Raymond James Ltd., GMP Securities L.P. and Dundee Securities Corporation (collectively, the "Underwriters").

In addition, the Company has granted the Underwriters an option (the "Over-allotment Option") to purchase up to an additional 1,702,500 Shares (representing 15% of the base Offering) at the Offering Price. The Over-allotment Option is exercisable for 30 days from the date hereof for additional gross proceeds in the amount of up to approximately $1,957,875.

The net proceeds of the Offering will be used for exploration and development expenditures at the Kaoko and Rio Novo exploration projects, as well as for working capital and general corporate purposes.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction.

About INV Metals Inc.

INV™ Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil, Namibia and Canada. Currently, INV(TM) Metals' primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario. Please also refer to INV™ Metals' final short form prospectus dated November 3, 2010 (the "Prospectus"), available on SEDAR at www.sedar.com.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond INV Metals' ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual use of proceeds from the Offering to be modified. Such factors include, among others, risks related to exploration results, fluctuations in commodity prices or the price of the Company's common shares. For a more detailed discussion of such risks and other factors, refer to the Prospectus and the Company's annual information form dated March 31, 2010, each of which is available on SEDAR at www.sedar.com.

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