Intrepid Metals Announces Closing of Oversubscribed $5 Million Private Placement of Units
NEWS RELEASE
INTREPID METALS ANNOUNCES CLOSING OF OVERSUBSCRIBED
$5 MILLION PRIVATE PLACEMENT OF UNITS
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
March 31, 2025 (TSXV:INTR) (OTCQB: IMTCF)
VANCOUVER, BRITISH COLUMBIA, Intrepid Metals Corp. (TSXV:INTR) (OTCQB: IMTCF)
(“Intrepid” or the “Company”) is pleased to announce the closing on March 28, 2025, of its previously
announced non-brokered private placement (the “Offering”) for aggregate gross proceeds of $5 million.
The Offering, which was oversubscribed, resulted in the issuance of 10,204,080 units (the “Units”), with
each Unit consisting of one common share and one-half of one common share purchase warrant (each
full common share purchase warrant, a “Warrant”) at a price of $0.49 per Unit. Each full Warrant shall
entitle the holder thereof to acquire one additional common share at a price of $ 0.68 until March 28,
2027. The net proceeds will be used for exploration expenditures on the Company’s mineral properties,
including drilling at its Corral Copper Project, and general working capital.
The Warrants are subject to an acceleration right that allows the Company to give notice of an earlier
expiry date if the Company's closing share price on the TSX Venture Exchange (“TSXV”) is equal to or
greater than $1.02 for a period of ten (10) consecutive trading days.
The Offering was made to purchasers resident in all provinces of Canada, except Quebec, pursuant to
the listed issuer financing exemption under Part 5A of NI 45 -106 (the “ Listed Issuer Financing
Exemption”). Pursuant to the limitations of the Listed Issuer Financing Exemption, the Units sold under
the Listed Issuer Financing Exemption are not subject to resale restrictions pursuant to applicable
Canadian securities laws. There is an offering document related to this Offering that can be accessed
under the Company’s profile at www.sedarplus.com and at www.intrepidmetals.com. Units were also
sold to purchasers in the United States pursuant to exemptions from the registration requirements of
the United States Securities Act of 1933, as amended, (the " 1933 Act "), and applicable U.S. state
securities laws.
In connection with the Offering , finder’s fees of 6% in cash and 6% in finder warrants (the “Finder
Warrants”) were paid on certain subscriptions introduced by Finders. A total of $209,240.95 was paid
in cash finder’s fees and 424,573 Finder Warrants were issued. The terms of the Finder Warrants are
the same as the Warrants, except that unless permitted under securities legislation, the Finder Warrants
and the securities underlying the Finder Warrants cannot be traded before July 29, 2025.
To demonstrate continued support of the Company, certain directors of the Company and their affiliates
(each, a "Related Party") participated in the Offering and acquired an aggregate of 537,041 Units for
total gross proceeds of $263,150.09. Each subscription by a Related Party is considered a "related party
transaction" within the meaning of Multilateral Instrument 61 -101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The related party transactions are exempt from the formal
valuation and minority shareholder approval requirements under MI 61 -101 in reliance upon the
exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61 -101, respectively, as the fair market
value of the transaction, insofar as it involves the Related Parties, does not exceed 25% of the
Company's market capitalization. The Company did not file a material change report related to Offering
more than 21 days before the expected closing of the Offering as required by MI 61-101 since the details
of the participation by the Related Parties were not settled until shortly prior to the closing of the Offering
and the Company wished to close on an expedited basis for sound business reasons.
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The Company also announces that the TSX Venture Exchange has approved the agreement to amend
(the “Amendment”) the share purchase agreement dated February 13, 2023 with Cave Creek Copper
Inc. (“Cave Creek”) and the shareholders of Cave Creek (the “ Cave Creek Shareholders”) to acquire
a 100% of the shares of Cave Creek which holds a portion of the Corral Property. The Amendment
provides for an extension to make $395,000 in cash payments to August 31, 2025. In return for the
extension, the cash payment amoun t shall be increased by $19,750, 38,725 Common Shares were
issued and 220,000 warrants (the “ CC Warrants ”) were issued in each case to Cave Creek
Shareholders. Each CC Warrant shall be exercisable for a Common Share until March 28, 2026 at an
exercise price of $0.51 per Common Share. Except as permitted under securities legislation, the
Common Shares, CC Warrants and the securities underlying the CC Warrants, in all cases issued to
the Cave Creek Shareholders, cannot be traded before July 29, 2025.
About Intrepid Metals Corp.
Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such
as copper, silver, and zinc mineral projects in proximity to established mining jurisdictions in
southeastern Arizona, USA. The Company has acquired or ha s agreements to acquire several drill
ready projects, including the Corral Copper Project (a district scale advanced exploration and
development opportunity with significant shallow historical drill results), the Tombstone South Project
(within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which
was purchased for $1.3B in 2018, though mineralization at the Taylor Deposit is not necessarily
indicative of the mineral potential at the Tombstone South Project) both of which are located in Cochise
County, Arizona and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona).
Intrepid has assembled an exceptional team with considerable experience with exploration, developing,
and permitting new p rojects within North America. Intrepid is traded on the TSX Venture Exchange
(TSXV) under the symbol “INTR” and on the OTCQB Venture Market under the symbol “IMTCF”. For
more information, visit www.intrepidmetals.com.
INTREPID METALS CORP.
On behalf of the Company
“Ken Engquist”
CEO
For further information regarding this news release, please contact:
Ken Engquist
CEO
604-681-8030
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this release constitute forward -looking information within the meaning of
applicable Canadian securities laws. Such forward-looking statements relate to statement about Intrepid’s mineral
properties and their potential; and the use of net proceeds from the Offering.
In certain cases, forward -looking information can be identified by the use of words such as "plans", "expects",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words
and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be
achieved" suggesting future o utcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Forward -looking information contained in this news release is
based on certain factors and assumptions regarding, among other things, that prices for copper and other metals
remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's
mineral properties and to satisfy current liabilities and obligations including property payments and exploration
expenditures; prices for energy inputs, labour, materials, supplies and services (including transportation) and
inflation rates remaining as estimated; no labour -related disruptions; no unplanned delays or interruptions in
planned exploration; all necessary permits, licenses and regulatory approvals are received in a timely manner;
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and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not
exhaustive. While the Company considers these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially different from any future results,
performance or achievements exp ressed or implied by the forward -looking information, including but not limited
to, market conditions, availability of financing, future prices of copper and other metals, currency rate fluctuations,
actual results of exploration activities, higher inflation and interest rates, geopolitical conflicts including wars,
unanticipated geological or structural formations and characteristics, environmental risks, operating risks,
accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals
and permits, inadequate insurance, and other risks in the mining industry. The forward-looking information is made
as of the date of this news release. Except as required by applicable securities laws, the Company does not
undertake any obligation to publicly update or revise any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being
offered have not been, nor will they be, registered under the 1933 Act and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as
amended, and application state securities laws.