Inomin Mines, a Vancouver, British Columbia-based mineral exploration and mining company, has agreed to acquire Canada Metals, an Australian company backed by Peak Asset Management. No financial terms were disclosed. Inomin will issue 2 million common shares and 2 million share purchase warrants to shareholders of Canada Metals. The transaction is expected to close by August 30, 2020.
Vancouver, British Columbia–(Newsfile Corp. – May 4, 2020) – Inomin Mines Inc. (TSXV: MINE) (“Inomin” or the “Company”) reports it has entered into an agreement to acquire Canada Metals Ltd., a private Australian company backed by Melbourne-based investment management firm Peak Asset Management Pty Ltd. (“Peak”).
Canada Metals provides Inomin capital directly, as well as through its affiliation with Peak, that will source investment for the Company through the firm’s network of private and institutional investors. The Company intends to complete a private placement in the coming months, a condition of the transaction, to pursue attractive mineral property acquisition opportunities, especially precious metals projects.
Inomin president John Gomez says, “We’re delighted to be working with Peak and Canada Metals to access new investment capital. This transaction is a creative means to raise funds in the current challenging market environment. With new funding we look forward to capitalizing on opportunities.”
Peak Executive Director Niv Dagan comments, “Peak is excited to be working closely with John Gomez and the Inomin Mines team to deliver value to its shareholders. Over the years, we have backed some of the most successful resource deals in Australia and North America, and we will ensure this is our next.”
To acquire Canada Metals, the Company will issue 2 million common shares and 2 million share purchase warrants to shareholders of Canada Metals. The warrants will be exercisable at $0.08 per share for two years.
The transaction is expected to close by August 30, 2020 and is subject to acceptance by the TSX Venture Exchange.
About Inomin Mines
Inomin Mines is engaged in the identification, exploration and development of advanced mineral properties. The Company holds a 100% interest in the Beaver-Lynx sulphide nickel project in south-central British Columbia, and the Fleetwood zinc-copper VMS property in southwestern British Columbia. Inomin also holds 100% of the King’s Point gold-copper-zinc project in Newfoundland under option to Maritime Resources Corp. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.