Intrepid Completes C$1 Million Private Placement in New Nadina Explorations Limited
November 09 2012 - 7:00AM
Marketwired
Intrepid Mines Limited ("Intrepid", or the "Company")
(TSX:IAU)(ASX:IAU) reports that it has acquired 10,000,000 units
(each, a "Unit") of New Nadina Explorations Limited (TSX
VENTURE:NNA) ("New Nadina") at a price of $0.10 per Unit,
representing an aggregate purchase price of C$1,000,000 pursuant to
a non-brokered private placement financing of New Nadina (the
"Private Placement"). Each Unit is comprised of one common share in
the capital of New Nadina (a "Share") and one half of one
non-transferable common share purchase warrant of New Nadina (a
"Warrant"). Each one whole Warrant is exercisable into one further
Share at $0.15 per Share for a period of up to two years after the
issue of the Warrant. The 10,000,000 Shares comprising part of the
Units acquired by Intrepid represent 12.6% of the total Shares
outstanding as of the date of issue.
Following the completion of the Private Placement, Intrepid owns
and controls a total of 10,000,000 Shares representing 12.6% of the
issued and outstanding Shares of New Nadina. Assuming the exercise
of the 5,000,000 Warrants, Intrepid would own or control 15,000,000
Shares representing 17.75% of the then issued and outstanding
Shares of New Nadina, calculated on a partially diluted basis.
The Shares and Warrants comprising the Units acquired by
Intrepid pursuant to the Private Placement are subject to a hold
period expiring four months after the issue of New Nadina shares.
Intrepid purchased the Units in reliance on the exemption from
prospectus requirements in Section 2.10 of National Instrument
45-106 Prospectus and Registration Exemptions of the Canadian
Securities Administrators, for investment purposes.
New Nadina is a Tier 2 Mining Issuer listed on the TSX Venture
Exchange.
Funds raised from this private placement will be used
principally to further explore the Silver Queen property near
Houston, British Columbia where a porphyry system was discovered in
2011. Exploration activity will initially include approximately
5,000 metres of diamond drilling to follow up previous results and
further test geophysical targets.
"Our investment in New Nadina is a continuation of Intrepid's
policy of investing in high potential growth opportunities, in
select jurisdictions globally," said Intrepid CEO, Brad Gordon.
Forward-looking statements
This announcement contains certain forward-looking statements,
relating to, but not limited to Intrepid's expectations,
intentions, plans and beliefs. Forward-looking information can
often be identified by forward-looking words such as 'anticipate',
'believe', 'expect', 'goal', 'plan', 'intend', 'estimate', 'may'
and 'will' or similar words suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future outcomes, or statements about future
events or performance. Forward-looking information may include
reserve and resource estimates, estimates of future production,
unit costs, costs of capital projects, and timing of commencement
of operations and is based on current expectations that involve a
number of business risks and uncertainties. Factors that could
cause actual results to differ materially from any forward-looking
statement include, but are not limited to, failure to establish
estimated resources and reserves, the grade and recovery of ore
which is mined varying from estimates, capital and operating costs
varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and other factors. Forward-looking statements are subject
to a variety of known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ
materially from those expressed or implied.
Shareholders and potential investors are cautioned not to place
undue reliance on forward-looking information. By its nature,
forward-looking information involves numerous assumptions, inherent
risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, forecasts, projections and
various future events will not occur. Intrepid undertakes no
obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
Directors
Ian McMaster (Chairman)
Colin G. Jackson (Deputy Chairman)
Brad A. Gordon (Managing Director)
Laurence W. Curtis (Non-executive Director)
Robert J. McDonald (Non-executive Director)
Alan Roberts (Non-executive Director)
Adrianto Machribie (Non-executive Director)
Nyla Bacon (Company Secretary)
Stock Exchange Listing
ASX and TSX symbol: IAU
Substantial Shareholders
Taurus Funds Management 8.5%
Acorn Capital 8.2%
Van Eck Associates 7.8%
Surya Paloh 5.0%
Issued Capital
553, 802,270 shares
9,015,095 unlisted options
6,181,693 unlisted share rights
51,208,032 unlisted restricted performance rights
Shareholder Enquiries
Matters related to shares held, change of address and tax file numbers
should be directed to:
Computershare Investor Services
GPO Box 2975, Melbourne, Victoria 3001, Australia
Telephone: 1300 805 505
+61 3 9415 4000
ABN 11 060 156 452
Contacts: Intrepid Mines Limited - Brisbane, Australia Brad
Gordon Managing Director, Chief Executive Officer +61 7 3007 8000
(office) or +61 400 036 636 (mobile)bgordon@intrepidmines.com
Intrepid Mines Limited - Toronto, Canada Greg Taylor Investor
Relations +1 905 337 7673 (office) or +1 416 605 5120
(mobile)gtaylor@intrepidmines.com www.intrepidmines.com
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