IMMC Announces Non-Brokered Private Placement and
Debt Settlement Financing
North Vancouver, B. C., – International Millennium Mining Corp. (the "Company") is pleased to announce, a non-brokered private placement financing of up to C$310,000 under which the Company would issue up to approximately 1,240,000 shares. The placees include two directors of the Company who are subscribing for a total of 220,000 shares of the placement. A finder’s fee, will be paid, to an arms length third party with respect to a portion of the placement. Proceeds of the private placement will be used for working capital and maintenance of the Company’s mineral properties.
The Company also announces that it will settle C$275,000 of debt, redeem a C$200,000 convertible debenture and settle C$77,000 of interest owing by the issuance of shares at $0.25 all to a holding company controlled by John A. Versfelt, President and Chief Executive Officer of the Company. Upon issuance of these shares and completion of the private placement, Mr. Versfelt, will hold in excess of 25% of the Company’s issued and outstanding shares. Shareholders previously approved the issuance of shares contemplated by these transactions, including a possible effective change in control, at the Company’s annual general and special meeting.
Shares issued pursuant to the private placement and to settle debts will be issued subject to hold periods equal to or greater than those required by regulation.
On Behalf of the Board,
“John A. Versfelt”
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John A. Versfelt, President & CEO
Further information about the Company can be found on SEDAR (
www.sedar.com) or by contacting Mr. John A. Versfelt, President & CEO of the Company or Mr. D. Alex Caldwell, Corporate Secretary at 604-984-9907.
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This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
