INV Metals Inc.said April 11 that it is undertaking a nonbrokered private placement of up to 15,000,000common shares at 20 Canadian cents each for gross proceeds of up to C$3 million.
The private placement is expected to close in mid-April.
The company is currently preparing an updated preliminary feasibilitystudy, due for completion at the end of the second quarter, on its gold project in Ecuadorusing increased production rates of 2,500 tonnes per day to 3,000 tonnes per day.
Proceeds from the placement will be used to develop Loma Largaand to complete the anticipated bankable feasibility study that will follow thepreliminary feasibility study. The funds may also be used for general working capitaland corporate purposes.
INV insiders may acquire up to 4,942,097 shares under the placement.