Leocor Mining Announces Closing of Private Placement

Executive Summary

• Leocor Mining Inc. completed a non‑brokered private placement of 80 million units at $0.05 per unit, raising gross proceeds of $4 million.
• Each unit includes one common share and one warrant exercisable for an additional share at $0.10 for three years.
• Proceeds will be used to exercise convertible securities of Intrepid Metals Corp. and for general working capital.

Key Details

• Units sold: 80,000,000 units @ $0.05 per unit → Gross proceeds: $4,000,000 CAD.
• Unit composition: 1 common share + 1 warrant (exercise price $0.10, exercisable for 3 years).
• Use of net proceeds:
• Repayment/exercise of convertible securities held in Intrepid Metals Corp.
• General working capital purposes.
• Insider participation: One insider (>10% holder) purchased 20,000,000 units (25% of total placement), qualifying as a related‑party transaction under MI 61‑101 but exempt from valuation/minority approval thresholds.
• Regulatory notes: No material change report filed prior to closing; a filing will be made subsequently. No finder’s fees were paid. All securities subject to a four‑month‑and‑one‑day resale restriction.
• U.S. securities law disclaimer: Units not registered under the U.S. Securities Act and may not be offered or sold in the United States except pursuant to exemptions.

Notable Quotes

(No CEO/President quotes were included in this release.)