VANCOUVER, B.C., June 5, 2024 – TheNewswire – Intrusion Precious Metals Corp. (“the “Company”) is pleased to announce that it has closed the first tranche of a $750,000 non-brokered private placement (the “Offering”). The first tranche of the Offering consisted of 17,400,000 units of the Company (the “Units”) at $0.025 per Unit for aggregate gross proceeds of $435,000. The remainder of the Offering may close in one or more tranches, in the discretion of the Company.
Each Unit consists of one (1) common share in the capital of the Company (each, a “Share”) and one (1) transferable common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional Share (each, a “Warrant Share”), at an exercise price of $0.05 per Warrant Share for a period of five (5) years from the date of issuance.
In connection with the closing of the first tranche Offering, the Company paid finders’ fees of approximately $2,250 and issued an aggregate of 90,000 Share purchase warrants (the “Finders’ Warrants”) to eligible arm’s length finders. Each Finders’ Warrant entitles the holder thereof to acquire one (1) Share (each, a “Finders’ Warrant Share”) at a price of $0.05 per Finders’ Warrant Share for a period of five (5) years from the date of issuance.
The net proceeds of the Offering will be used for payment of amounts past due and other general corporate expenses as set forth in the partial revocation order issued by the British Columbia Securities Commission dated April 8, 2024. All securities issued in connection with the Offering are subject to a statutory hold period of four (4) months plus one (1) day from the date of issuance, in accordance with applicable securities legislation. All securities issued pursuant to the Offering remain subject to the failure to file cease trade order dated January 12, 2023, until such full order is revoked.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or to any “U.S. Person” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”)) of any equity or other securities of the Company. The securities described herein have not been, and will not be, registered under the U.S. Securities Act or under any state securities laws and may not be offered or sold in the United States or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable exemption therefrom. Any failure to comply with these restrictions may constitute a violation of U.S. securities laws.
On behalf of Intrusion Precious Metals Corp.
“David Deslauriers”
David Deslauriers
Director and Interim CEO
About Intrusion Precious Metals Corp.
The Company exists under the laws of British Columbia, is a reporting issuer in Alberta, British Columbia, and Ontario and its common shares are not currently listed on any stock exchange. The Company is based in Vancouver and is led by an experienced, entrepreneurial group of executives having a diverse industry and capital markets background.
For further information about the Company, please contact:
David DesLauriers
Director and Interim CEO
Suite 1890 – 1075 West Georgia Street
Vancouver, BC V6E 3C9
Ph: 604-687-2038
Cautionary Note regarding Forward Looking Statements
Certain statements in this press release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the intended use of proceeds, and the issuance of the Warrant Shares upon exercise of the Warrants and the issuance of the Finders’ Warrant Shares upon the exercise of the Finders’ Warrants. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
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