International Metals issues shares for debt of $855,001

Executive Summary

• International Metals Mining Corp. received TSX Venture Exchange approval to settle $855,001.95 of debt by issuing equity and warrants.
• $780,011.95 of arm’s‑length creditor debt was settled with 7,800,119 units (each unit = 1 common share + 1 warrant) priced at C$0.10 per unit; warrants exercisable at C$0.15 for 24 months.
• $74,990 of related‑party debt to an executive officer was settled by issuing 749,900 common shares at a deemed price of C$0.10 per share.

Key Details

• Total Debt Settled: $855,001.95.
• Arm’s‑Length Creditor Settlement:
• Amount: $780,011.95.
• Units Issued: 7,800,119 units at C$0.10 per unit.
• Composition of Each Unit: 1 common share + 1 transferable share purchase warrant.
• Warrant Terms: Convertible into an additional share at C$0.15 per share; exercisable for 24 months from issuance.
• Related‑Party Settlement (Executive Officer):
• Amount: $74,990.
• Shares Issued: 749,900 common shares at C$0.10 per share.
• Insider Participation: CEO & Director Brian Thurston received the 749,900 shares to satisfy the related‑party debt.
• Regulatory Treatment: Transaction qualifies as a related‑party transaction under MI 61‑101; exemption from formal valuation and minority shareholder approval invoked (sections 5.5(a) & 5.7(a)).
• Hold Periods: All issued securities (including potential warrant‑derived shares) subject to statutory hold of 4 months + 1 day; insider‑issued shares also subject to TSX Venture Exchange exchange hold period.

Notable Quotes

(No direct quotes were provided in the release.)