Leocor Mining arranges $4-million private placement

Executive Summary

• Leocor Mining Inc. has arranged a non-brokered private placement financing of up to 80 million units at $0.05 per unit, raising up to $4 million in gross proceeds.
• Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at $0.10 per share for three years.
• Net proceeds are designated to exercise convertible securities of Intrepid Metals Corp. held by Leocor and for general working capital.

Key Details

• Transaction Structure: Non-brokered private placement of up to 80 million units.
• Price: $0.05 per unit.
• Gross Proceeds: Up to $4,000,000.
• Unit Composition: Each unit comprises one common share and one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.10 per share.
  • Exercise Period: Three years from the date of closing.
  • Right: Each warrant is exercisable to purchase one additional common share.
• Use of Proceeds:
  • Exercise of certain convertible securities of Intrepid Metals Corp. held by the company.
  • General working capital purposes.
• Resale Restrictions: All securities issued are subject to a hold period of four months and one day in accordance with applicable securities laws.
• Regulatory Status: Completion remains subject to receipt of regulatory approvals.
• Finders' Fees: The company may pay finders' fees to eligible third parties who introduced subscribers to the private placement.