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INV Metals Closes $27.6 Million Bought Deal Financing

Published: 03/02/2017

Team: Jay Goldman, Lindsay Clements, Jonathan Sherman

On March 2, 2017, INV Metals Inc. closed its bought deal public offering of 27,600,000 common shares at a price of $1.00 per common share for aggregate gross proceeds of $27.6 million. The offering was completed by a syndicate of underwriters co-led by GMP Securities L.P. and Clarus Securities Inc. and including Paradigm Capital Inc., BMO Capital Markets, Eight Capital, National Bank Financial Inc., PI Financial Corp. and Raymond James Ltd. The offering included the exercise in full by the underwriters of the over-allotment option for an additional 3,600,000 shares.

IAMGOLD Corporation, which owned 35.6% of the outstanding shares of INV prior to the offering, exercised its pre-emptive right to maintain its pro rata ownership. In addition, certain insiders of INV purchased 5,577,911 shares, representing approximately 20% of the offering.

The net proceeds of the offering are expected to be used to advance the development of the Loma Larga project, including the initiation of a feasibility study, exploration at the Company’s Loma Larga project and other exploration properties within Ecuador, and for general corporate purposes.

Cassels Brock represented INV with a deal team that included Jay Goldman, Lindsay Clements and Jonathan Sherman (Securities and Mining).