NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
November 26, 2024 – Vancouver, BC, Canada. Infield Minerals Corp. (TSX-V: INFD) (“Infield” or the “Company”), is pleased to announce that it has closed its previously announced non-brokered private placements, in which it raised aggregate gross proceeds of $459,500.
The first financing consisted of 8,333,333 common shares of the Company at a price of three cents per common share (the “First Financing”), and the second financing consisted of 5,237,500 common shares of the Company at a price of four cents per common share (the “Second Financing”) (collectively, the “Financings”). All common shares issued in connection with the Financings are subject to a hold period expiring March 27, 2025.
In connection with the Financings, the Company paid cash finder’s fees of $7,200.
Subsequent to the Financings, the Company has 40,673,648 common shares issued and outstanding (the “Common Shares”).
Insiders of the Company purchased an aggregate of 2,231,250 Common Shares in the Financings, representing approximately 16.44% of the Financings. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
Early Warning Disclosure
Prior to closing of the Financings, Evandra Nakano (“Nakano”), of Vancouver, British Columbia, owned and controlled 4,037,500 Common Shares, representing approximately 14.90% of the outstanding Common Shares (or 4,587,500 Common Shares and 16.59% of the Company’s then outstanding Common Shares on a partially diluted basis, assuming exercise of Nakano’s incentive stock options). Pursuant to the Financings, Nakano acquired 855,000 Common Shares at a price of three cents per share and 483,750 Common Shares at a price of four cents per share, representing in aggregate, approximately 3.29% of the outstanding Common Shares of the Company. Following closing of the Financings, Nakano owns and controls 5,376,250 Common Shares, representing approximately 13.22% of Common Shares (or 5,926,250 Common Shares and 14.38% of the Company’s then outstanding Common Shares on a partially diluted basis, assuming exercise of Nakano’s incentive stock options). Neither the Company nor, to the knowledge of the Company after reasonable inquiry, Nakano, have knowledge of any material information concerning the Company or its securities which has not been generally disclosed.
The Company has been advised that the securities noted above were acquired by Nakano for investment purposes, and Nakano does not have any present intention to acquire further securities of the Company, although she may, in the future, acquire or dispose of securities of the Company through the market or otherwise, as circumstances or market conditions warrant.
To obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation, please go to the Company’s profile under SEDAR+ at www.sedarplus.ca.
Proceeds of the Financings will principally be used to fund property costs and exploration on the Company’s Kings Canyon Property in Utah, and for general working capital purposes.
For more information, please contact Evandra Nakano, the CEO, President and a director of the Company, at +1 (604) 220-4691 or email: info@infieldminerals.com
On Behalf of the Board of Directors of Infield Minerals Corp.
Evandra Nakano
President, CEO & Director
ABOUT INFIELD
Infield Minerals is currently exploring for gold within the U.S. Great Basin. Our mission is to grow and deliver value through discovery, acquisitions and sustainable development of high quality, high potential assets for the social and economic benefits of our stakeholders. Founded in 2020, Infield is led by a team of mining entrepreneurs with extensive technical and resource evaluation experience.
Neither 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.
Forward-Looking Statements
Statements included in this announcement, including statements concerning Infield’s plans, intentions and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward‐looking statements”. Forward-looking statements include, among other matters, Infield’s exploration plans for its mineral exploration properties. Forward‐looking statements may be, but are not always, identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. Infield cautions readers that forward‐looking statements, including without limitation those relating to Infield’s future operations and business prospects, are subject to certain risks and uncertainties (including geopolitical risk, regulatory, and exchange rate risk) that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning future developments, circumstances or results, will materialize. The forward-looking statements included in this news release are made as of the date of this new release and Infield does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.
