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Industria Metals Inc. Announces Private Placement

·2 min read

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/

VANCOUVER, BC, Nov. 6, 2020 /CNW/ - Industria Metals Inc. (the "Company") is pleased to announce that it intends to complete a private placement of up to 170,000,000 units ("Units") of the Company priced at $0.005 per unit for total proceeds of up to $850,000.

Each Unit is comprised of one common share of the Company ("Common Share") and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder, on exercise, to acquire one common share at a price of C$0.01 until Nov 6, 2021, subject to acceleration of the expiry date on certain conditions. In the event that the Company receives conditional approval for a listing event on a public stock exchange (the "Listing Event"), the Company may elect to accelerate the Warrants' expiration date to the date 30-days subsequent to the news release announcing the Listing Event, provided that the news release announcing the Listing Event is published before the date that is 30 days prior to the warrants' expiry date.

The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

The Company may pay a finder fee in connection with the financing.

For more information concerning the Company, please refer to the Company's profile on the SEDAR website at www.sedar.com

On behalf of the board of directors

Catalin Kilofliski

President & CEO

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the appointment of certain persons as directors and officers of the Company and associated matters. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct or enduring. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, that the directors and officers may not perform their roles as currently expected. The statements in this press release are made as of the date of this release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

SOURCE Industria Metals Inc.

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View original content: http://www.newswire.ca/en/releases/archive/November2020/06/c1883.html