Inomin Mines to Extend Warrants
TSX VENTURE: MINE
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2018) - Inomin Mines Inc. (TSXV: MINE) ("Inomin", "MINE" or the "Company") announces that the Company intends to amend the terms of 7,403,459 outstanding warrants of the Company (the "Warrants") that are set to expire on January 30, 2019 (the "Original Expiry Date"). The Company will make an application to the TSX Venture Exchange (the "TSXV") to:
- extend the expiry date for the Warrants by 1 year, to January 30, 2020 (the "New Expiry Date"); and
- add an acceleration provision which will be effective from the Original Expiry Date up until the New Expiry Date which will allow Inomin, upon providing the Warrant holders with written notice ("Notice"), to accelerate the expiry date for the Warrants to a date that is not less than twenty (20) business days from the date Notice is given, if the closing price of the common shares of the Company (the "Shares") on the TSXV is equal to or greater than $0.25 for a period of ten (10) consecutive trading days.
The exercise price of the Warrants will remain at $0.10 per Warrant. Each whole Warrant, when exercised, will be exchangeable for one Share of the Company.
7,903,459 warrants were originally issued on January 30, 2017 as part of the units issued under a private placement completed by the Company in January 2017. Since to the issuance, 500,000 warrants were exercised. The warrant extension and amendment are subject to the approval of the TSXV.
About Inomin Mines
Inomin Mines is engaged in the identification, exploration and development of mineral properties. The Company holds a 100% interest in the Fleetwood zinc-copper VMS project in British Columbia, and the King's Point gold-copper-zinc project in Newfoundland under option to Maritime Resources Corp. Inomin trades on the TSX Venture Exchange with the symbol MINE. For more information visit www.inominmines.com and join us on Twitter @InominMines.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: "John Gomez"
President and CEO
For more information contact:
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.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements relating to proposed amendments to the Warrants are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the proposed Warrant amendments will receive the requisite TSXV approval. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the proposed Warrant amendments will not receive the requisite TSXV approval. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.