BRISBANE, AUSTRALIA--(Marketwire - Nov 9, 2012) - Intrepid Mines Limited ("Intrepid", or the "Company") (IAU.TO)(IAU.AX) reports that it has acquired 10,000,000 units (each, a "Unit") of New Nadina Explorations Limited (TSX VENTURE:NNA) ("New Nadina") at a price of $0.10 per Unit, representing an aggregate purchase price of C$1,000,000 pursuant to a non-brokered private placement financing of New Nadina (the "Private Placement"). Each Unit is comprised of one common share in the capital of New Nadina (a "Share") and one half of one non-transferable common share purchase warrant of New Nadina (a "Warrant"). Each one whole Warrant is exercisable into one further Share at $0.15 per Share for a period of up to two years after the issue of the Warrant. The 10,000,000 Shares comprising part of the Units acquired by Intrepid represent 12.6% of the total Shares outstanding as of the date of issue.
Following the completion of the Private Placement, Intrepid owns and controls a total of 10,000,000 Shares representing 12.6% of the issued and outstanding Shares of New Nadina. Assuming the exercise of the 5,000,000 Warrants, Intrepid would own or control 15,000,000 Shares representing 17.75% of the then issued and outstanding Shares of New Nadina, calculated on a partially diluted basis.
The Shares and Warrants comprising the Units acquired by Intrepid pursuant to the Private Placement are subject to a hold period expiring four months after the issue of New Nadina shares. Intrepid purchased the Units in reliance on the exemption from prospectus requirements in Section 2.10 of National Instrument 45-106 Prospectus and Registration Exemptions of the Canadian Securities Administrators, for investment purposes.
New Nadina is a Tier 2 Mining Issuer listed on the TSX Venture Exchange.
Funds raised from this private placement will be used principally to further explore the Silver Queen property near Houston, British Columbia where a porphyry system was discovered in 2011. Exploration activity will initially include approximately 5,000 metres of diamond drilling to follow up previous results and further test geophysical targets.
"Our investment in New Nadina is a continuation of Intrepid''s policy of investing in high potential growth opportunities, in select jurisdictions globally," said Intrepid CEO, Brad Gordon.
This announcement contains certain forward-looking statements, relating to, but not limited to Intrepid''s expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as ''anticipate'', ''believe'', ''expect'', ''goal'', ''plan'', ''intend'', ''estimate'', ''may'' and ''will'' or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future outcomes, or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects, and timing of commencement of operations and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied.
Shareholders and potential investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Intrepid undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
|Ian McMaster (Chairman)|
|Colin G. Jackson (Deputy Chairman)|
|Brad A. Gordon (Managing Director)|
|Laurence W. Curtis (Non-executive Director)|
|Robert J. McDonald (Non-executive Director)|
|Alan Roberts (Non-executive Director)|
|Adrianto Machribie (Non-executive Director)|
|Nyla Bacon (Company Secretary)|
|Stock Exchange Listing|
|ASX and TSX symbol: IAU|
|Taurus Funds Management 8.5%|
|Acorn Capital 8.2%|
|Van Eck Associates 7.8%|
|Surya Paloh 5.0%|
|553, 802,270 shares|
|9,015,095 unlisted options|
|6,181,693 unlisted share rights|
|51,208,032 unlisted restricted performance rights|
|Matters related to shares held, change of address and tax file numbers should be directed to:|
|Computershare Investor Services|
|GPO Box 2975, Melbourne, Victoria 3001, Australia|
|Telephone: 1300 805 505|
|+61 3 9415 4000|
ABN 11 060 156 452