NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2012) - Further to International Millennium Mining Corp.'s (News - Market indicators) (the "Company") announcement of September 14, 2012, the Company has closed the first tranche of its private placement which has raised gross proceeds of $822,700. Under the terms of the offering, the Company has issued 10,283,750 units at $0.08 per unit. Each unit is comprised of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.10 per share if exercised on or before April 11, 2014. Shares issued under the placement or upon exercise of the warrants are subject to a four month hold period ending February 12, 2013. The placement documents have been accepted for filing by the TSX Venture Exchange.
The Company has paid finders' fees to certain finders for an aggregate amount of $36,120 in cash and 217,500 finders' warrants in connection with this first tranche of the private placement. Each broker warrant entitles the holder to acquire one broker unit at $0.08 if exercised on or before April 11, 2014; each broker unit is comprised of one common share and one ordinary share purchase warrant entitling the holder to acquire one additional share for $0.10 if exercised on or before April 11, 2014.
The Company will use the proceeds of the private placement for exploration work, including a drilling program, on its Nivloc Silver and Gold Project, located in southwestern Nevada, and for working capital.
International Millennium Mining Corp. is a mineral exploration and development company engaged in acquiring known smaller mine deposits, such as its Nivloc, Nevada silver-gold mine project, in the Americas, with the goal of advancing the properties to the mining stage. Emerging targets include silver, gold, copper, zinc and lead. The Company's common shares trade on the TSX Venture Exchange under the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J.
ON BEHALF OF THE BOARD
John A. Versfelt, President & CEO
Further information about the Company can be found on the IMMC website (www.immc.ca) or on SEDAR (www.sedar.com).
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.