Inventus Mining Corp. [IVS-TSXV] shares advanced in heavy trading Monday January 13 after the company said it has updated the terms of a previously announced non-brokered private placement that aims fund projects in the Sudbury, Ontario region.
It said the updated private placement will be for up to 12.4 million units at 10.5 cents per unit, raising gross proceeds of $1.3 million.
Each unit will consist of one common share and one common share purchase warrant, each of which will entitle the holder to acquire one common share for 17 cents for a period of two years after the closing date of the offering.
Inventus shares advanced on the news, rising 8.3% or $0.01 to 13 cents on volume of almost 9.0 million. The shares are currently trading in a 52-week range of $0.07 and 16 cents.
Inventus is a mineral exploration and development company with a focus on the Sudbury mining district. Its flagship asset is a 100% interest in the advanced exploration stage Pardo Paleoplacer Gold Project, which is located 65 km northeast of Sudbury. The portfolio also includes the 100%-owned Sudbury 2.0 property located 40 km northeast of Sudbury.
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