07:24 AM EDT, 10/21/2024 (MT Newswires) -- Inventus Mining Corp. ( GNGXF ) announced Monday a non-brokered private placement of up to 15 million units of the company at a price of $0.04 per unit, for total gross proceed of up to $600,000. McEwen Mining Inc. ( MUX ) has agreed to purchase 10 million units of the Offering.

A statement noted each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.09 per warrant share until the date which is 24 months following close of the Offer.

Monday's statement also noted the expiry date of the warrants may be accelerated by Inventus if the closing price of the common shares on the TSX Venture Exchange is greater than or equal to $0.12 over a consecutive 20-day period. If this occurs, the company may accelerate the expiry date of the warrants by announcing the reduced warrant term whereupon the warrants will expire on the 10th trading day after the date of such an announcement.

Proceeds of the offering will be used to advance exploration and resource estimation at the Pardo Paleoplacer Gold Project, and for general corporate purposes.