Toronto, Ontario–(Newsfile Corp. – December 13, 2017) – Intercontinental Gold and Metals Ltd. (TSXV: ICAU) (“ICAU” or the “Company“) is pleased to announce that it intends to complete a non-brokered private placement (the “Offering“) of up to 3,750 units (the “Units“) at a price of C$1,000 per Unit for aggregate gross proceeds of up to C$3,750,000. Each Unit is comprised of: (i) one promissory note in the principal amount of C$1,000 bearing a coupon of 10.0%, payable semi-annually (the “Note“); (ii) 750 common shares; and (iii) 750 common share purchase warrants (each a “Warrant“), with each Warrant being exercisable for one common share of the Company at a price of $0.20 per share for a period of five years after the closing date of the Offering.
The Notes have a 5-year term.
Proceeds of the Offering will be used for gold trading activities and project development capital for the Company’s current operations in Bolivia, expansion of gold trading activities into Peru and Brazil, and for general working capital purposes.
About Intercontinental Gold and Metals Ltd.
Intercontinental Gold and Metals Ltd. has successfully transformed itself to become a Next Generation Metals and Mining Company providing leverage to commodity prices, exploration and development success and significant growth potential for our stakeholders. We believe our active involvement in the physical commodities market will provide insights in global primary supply and demand trends that in turn create a strategic and competitive advantage on new mine development and expansion opportunities on a global basis. The Company generates revenues from the purchases and sales of gold (accounted for as revenue). Cost of sales is measured at the fair value of the precious metals purchased and inventory sold, which is purchased at a competitive discount from licensed artisanal and small miners (ASGM). ASGM supply supports a sustainable revenue generation model. We are unique being the only publicly listed company servicing the LATAM ASGM market.
ON BEHALF OF THE BOARD OF DIRECTORS
INTERCONTINENTAL GOLD AND METALS LTD.
President & Chief Executive Officer
For further information, please contact;
Investor Relations at 647-985-2785 or Barry Mire, Renmark Financial at 514-939-3989
Forward Looking Statements
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Neither the 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.