International Metals Announces Closing of Shares for Debt Transaction
INTERNATIONAL METALS MINING CORP.
NEWS RELEASE
INTERNATIONAL METALS ANNOUNCES CLOSING OF SHARES FOR DEBT TRANSACTION
Vancouver, British Columbia (April 28, 2023) – International Metals Mining Corp. (formerly Gold State Resources Inc.) (the “Company”) (TSXV: IMM | OTCQB: CYNXF | FSE: C2YD announces that it has settled an aggregate of $480,557.95 of debt through the issuance of common shares of the Company (the “Debt Settlement”) to certain arm’s length and non-arm’s length creditors of the Company (the "Creditors"). Pursuant to the Debt Settlement, the Company has issue to the Creditors a total of 6,407,440 common shares of the Company (the "Shares") at a deemed price of $0.075 per Share. The Debt Settlement will help to preserve cash for general working capital purposes.
The issuance of the Shares to the Creditors has been approved by the TSX Venture Exchange. A total of 4,074,107 Shares issued will be subject to a four-month hold period which will expire on the date that is four months and one day from the date of issue and 2,333,333 Shares issued will be free trading. An insider of the Company has received 500,000 shares representing the cancellation of $37,500 of debt and is subject to a four-month hold.
The Company also announces the expiration and cancellation of 485,000 Options to current and past Directors, Management and Contractors of the Company.
About International Metals Mining Corp.
International Metals Mining Corp. is engaged in the acquisition, exploration, and development of mineral properties in North and South America.
International Metals Mining Corp.
Per: “Brian Thurston”
Brian Thurston President and CEO
Tel: +1 778 928-6565
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward- looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. 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 market prices, exploitation and exploration successes on the Company’s properties, and continued availability of capital and financing, and general economic, market or business conditions, laws in the jurisdictions where the Company operates. 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 securities laws, the Company undertakes no obligation to update these forward- looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.