NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION | |
January 8, 2004 | Trading: Toronto: "IMZ", Switzerland: "IMZ", Frankfurt: "MIW" |
| INTERNATIONAL MINERALS TO RAISE CDN$22 MILLION
International Minerals Corporation (“IMC”) is pleased to announce the terms of a private placement that will provide gross proceeds to the Company of Cdn$22.3 million (approximately US$17.1 million). Under the agreed-upon terms, the Company will issue a total of 5.86 million units (the “Units”) at a price of Cdn$3.80 per Unit. Each Unit consists of one common share (the “Shares”) and one half of a share purchase warrant (the “Warrants”), with each whole Warrant entitling the holder to purchase one additional common share at Cdn$4.80 at any time up to three years from the date of closing of the private placement. RBC Capital Markets is acting as the Agent for the private placement. A cash commission of 7% of the proceeds will be paid with respect to the placement. The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing of the placement is expected on or about January 23, 2004. 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 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 73.0 million shares issued and 76.6 million shares fully diluted. The Units, Shares and Warrants (together with the common 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 without registration under such Act or compliance with an applicable exemption from such registration requirements. This press release is not an offer of, or the solicitation of an offer to buy, the Units, the Shares or the Warrants in the United States. | |
| 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. | |
