International Metals enters shares-for-debt deals

Executive Summary

• International Metals Mining Corp. has entered into debt settlement agreements to resolve an aggregate debt of $855,001.95 owed to both arm's-length and non-arm's-length creditors.
• The settlement involves issuing equity securities, specifically units comprising common shares and warrants, as well as direct shares, to satisfy the outstanding obligations.
• The transaction includes a related-party component where CEO Brian Thurston receives shares to settle $74,990 of debt, relying on specific exemptions from minority shareholder approval requirements under Multilateral Instrument 61-101.

Key Details

• Total Debt Settled: $855,001.95.
• Arm's-Length Creditors Settlement:
  • Debt Amount: $780,011.95.
  • Consideration: 7,800,119 units issued at a deemed price of $0.10 per unit.
  • Unit Composition: Each unit consists of one common share and one transferrable share purchase warrant.
  • Warrant Terms: Each warrant is convertible into one additional share at an exercise price of $0.15 per warrant share.
  • Warrant Duration: 24 months from the date of issuance.
• Non-Arm's-Length (Insider) Settlement:
  • Debt Amount: $74,990 owed to an executive officer (Brian Thurston).
  • Consideration: 749,900 shares issued at a deemed price of $0.10 per share.
• Regulatory Exemptions: The company intends to rely on sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 to exempt the insider participation from formal valuation and minority shareholder approval requirements, as the insider's participation does not exceed 25% of the company's market capitalization.
• Hold Periods:
  • All securities issued (units and shares) are subject to a statutory hold period of four months and one day from issuance.
  • Shares issued to insiders are also subject to a concurrent exchange hold period per TSX Venture Exchange policies.
• Approvals: The transaction is subject to required approvals, including acceptance by the TSX Venture Exchange.

Notable Quotes

• None provided in the text.