International Metals Mining Corp. Corporate Update
Vancouver, Mar 4, 2024 - International Metals Mining Corp. (the "Company or International Metals") (TSXV:IMM) | (OTC:CYNXF) | (FSE:C2YD) provides a corporate update including terms of amendments to its non-brokered private placement and the termination of its Tristar Energy Corp. ("Tristar") property acquisition in Brazil. The Directors of the Company have decided to terminate the Tristar property acquisition first announced on July 12, 2023, and amended and announced on December 14, 2023. At this time the directors feel it would serve the shareholders of the Company better for management to concentrate on its current assets, including its lithium assets in Brazil and its copper assets in Peru. No shares have been issued or cash payments have been made by the Company regarding this acquisition.
The Company continues to explore for lithium in Brazil and currently has an option to acquire a 65% right, title and interest in and to certain mining claims in the State of Minas Gerais, Brazil comprising 12 claims totaling 21,136.73 hectares of surface area. (See press releases June 21, 2023, and December 14, 2023).
The Company is also working towards drill permitting on its 100% owned, drill ready, Panteria copper-gold porphyry project composed of several mineral concessions covering an area of 2,700 hectares believed to be situated in the northern extension of the Southern Coastal porphyry belt (the "Project"). The Project is located approximately 210 kilometres southeast of Lima, Peru, in the Huancavelica department, and is considered highly prospective for both copper-gold porphyry-style mineralization and high-level gold-silver epithermal mineralization. Approximately US $5 million has been spent by former operators to date on the Project that has several untested exploration targets.
On December 14, 2023, the Company announced a private placement in association with the Tristar acquisition of not less than $900,000 in units of the Company (each, a "Unit") at a subscription price of $0.15 per Unit (the "Private Placement"). Upon the termination of the Tristar acquisition and to better reflect the current market conditions, the Company is amending the previously announced Private Placement. The Company will amend the terms to raise up to $900,000 in Units at a subscription price of $0.10 per Unit. Each Unit will be comprised of one common share of the Company (each, a "Share") and one-half of one Share purchase warrant (each whole Share purchase warrant, a "Warrant"), and each Warrant will be exercisable for one additional Share at an exercise price of $0.25 per Share for a period of two years from the date of issuance. The Warrants will be subject to an accelerated expiry date upon 30 days' notice from the Company by way of a news release in the event the volume-weighted average trading price of the Shares on the TSXV is at or above $0.50 for 14 consecutive trading days.
About International Metals Mining Corp.
International Metals Mining Corp. is a Canadian company engaged in the acquisition, exploration, and development of mineral properties focusing on battery metals and mineral assets. The Company has acquired assets in some of the world's most prolific mining jurisdictions with a copper-gold porphyry property in Peru and now with a very prospective lithium property in Brazil's growing lithium provinces.
International Metals Mining Corp.
Per: "Brian Thurston"
Brian Thurston
President and CEO
Tel: +1 778 928-6565
Statement regarding forward-looking information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include statements relating to: the Private Placement, including, approval of the TSXV and the completion of the Private Placement. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes on the Company's properties, and continued availability of capital and financing, and general economic, market or business conditions, laws in the jurisdictions where the Company operates. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.