NEWS RELEASE
INTERNATIONAL MINERALS CORPORATION | |
January 26, 2004 | Trading: Toronto: "IMZ", Switzerland: "IMZ", Frankfurt: "MIW" |
| INTERNATIONAL MINERALS COMPLETES CDN$22 MILLION FINANCING
International Minerals Corporation (“IMC”) is pleased to report that on January 23, 2004 the Company completed the previously announced (December 3, 2003) private placement financing for proceeds of CDN$22,268,000 (approximately US$17.0 million). A total of 5.86 million Units were issued at a price of Cdn$3.80 per Unit, with each Unit consisting of one common share and one half warrant, with each whole warrant (2.93 million) entitling the holder to purchase one additional common share at Cdn4.80 for three years from the date of closing. RBC Capital Markets acted as agent for the financing. A cash commission of 7% of the proceeds was 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 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. Including the securities issued in the new placement, IMC has approximately 79.0 million shares on an issued and outstanding basis and 85.4 million shares on a fully diluted basis.
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. | |
