NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION | |
December 3, 2003 | Trading: Toronto: "IMZ", Switzerland: "IMZ", Frankfurt: "IMZ.F" |
| INTERNATIONAL MINERALS INTENDS TO RAISE CDN$20 MILLION
International Minerals Corporation (“IMC”) is pleased to announce that RBC Capital Markets (“RBC”) has agreed to act as agent for a brokered private placement on a best-efforts basis to raise approximately Cdn$20.0 million (US$15.3 million) for IMC. The private placement will be subject to approval by the Toronto Stock Exchange. The financing will be in the form of Units, with pricing of the Units being determined in the context of the market following an expedited marketing program by IMC. Each Unit will consist of one common share and one half warrant, with each whole warrant entitling the holder to purchase one additional common share at a fixed price for three years from the date of closing of the placement, which is expected to take place during the week of December 22, 2003. A cash commission of 7% of the proceeds will be paid with respect to the placement. Proceeds from the financing will be used principally by IMC for a feasibility study at its Rio Blanco gold-silver project in Ecuador, to initiate a final feasibility study at its Gaby gold deposit in Ecuador, for additional drilling at the Pallancata and Vetaspata gold/silver projects in Peru, and for working capital for general corporate purposes. IMC is a Toronto, Zurich and Frankfurt?listed mineral exploration and development company with a focus on high-grade gold?silver deposits in Ecuador and Peru. The Company currently has approximately 72.8 million shares issued and 76.5 million shares fully diluted. The common shares and warrants (together with the shares deliverable upon the exercise of the warrants) have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration under such Act or compliance with an applicable exemption from such registration requirements. | |
| ON BEHALF OF THE BOARD Stephen J. Kay, President and CEO The Toronto, Swiss and Frankfurt Stock Exchanges neither approve nor disapprove the information contained in this News Release. For additional information, contact Investor Relations at Tel: (480) 483-9932 or Fax: (480) 483-9926. | |
| International Minerals Corporation is not a reporting issuer in the United States and the information provided herein is not a solicitation to sell shares. The Company, however, has maintained a Standard and Poor's Corporate Listing since July 1996. | |
