Idex Metals closes $5.32-million private placement

Executive Summary

• Idex Metals Corp. has closed its non-brokered private placement of units, raising approximately $5.32 million in aggregate gross proceeds.
• The company issued 8,867,099 units at a price of $0.60 per unit, with each unit comprising one common share and one-half of one common share purchase warrant.
• Proceeds are designated for the exploration of mineral properties in Idaho and for general working capital.

Key Details

• Transaction Structure: Non-brokered private placement of units.
• Units Issued: 8,867,099 units.
• Price Per Unit: $0.60 CAD.
• Gross Proceeds: Approximately $5,320,259.
• Warrant Terms (Investors): Each unit includes one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.90 per share for a period of 24 months from issuance.
• Finder’s Fees: The company paid finders' fees totaling $204,418.20.
• Finder’s Warrants: 511,030 finders' warrants were issued. Each finder's warrant entitles the holder to acquire one common share at an exercise price of $0.60 per share for a period of 24 months from issuance, under the same terms as the investor warrants.
• Use of Proceeds: Exploration of mineral properties in Idaho and general working capital.
• Regulatory Status: Securities are subject to a statutory hold period of four months plus one day. The offering remains subject to final approval by the TSX Venture Exchange.

Notable Quotes

• Clayton Fisher, CEO: "We're fired up to keep the drills turning longer, and to push our exploration even further. The strong demand we've seen for this financing -- and the addition of a new strategic shareholder -- gives us the horsepower we need to stay aggressive on the ground. This represents a significant vote of confidence in what we're building here in Idaho."