Bridge Financing Closed
FOR RELEASE: August 30, 2019 Telephone: (604) 527-8135
CONTACT: John A. Versfelt, President & CEO E-mail: [email protected]
BRIDGE FINANCING CLOSED
Not for distribution to United States newswire services or for release, publication,
distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.
VANCOUVER, British Columbia, August 30, 2019 -- International Millennium Mining Corp. (TSX-V: IMI) (the
“Company” or “IMMC”) is pleased to announce that the Company has received TSX Venture Exchange (the
“Exchange”) conditional acceptance and has closed a bridge financing (the “Bridge Financing”), representing the
funds needed to fund the Company as it works to satisfy the closing conditions for the reverse takeover transaction
with Phoenix Capital Enterprises Ltd. (“Phoenix”), which was announced August 31, 2018 (the “RTO Transaction”).
The Bridge Financing consists of the issuance of C$60,000 of convertible unsecured debentures at a price of C$1,000
per unit, with each debenture unit consisting of a C$1,000 principal amount 30 -month 12% unsecured convertible
debenture of the Company (a “Debentu re”). The Debenture will be convertible into that number of units, each unit
consisting of one (1) transferable common share and one (1) warrant (together a “Conversion Unit”), calcu lated on
the basis of either: i) if converted prior to the completion of the RTO Transaction and proposed 20 for 1 consolidation
(the “Consolidation), at a conversion price of $0.05 per Conversion Unit (resulting in 1, 200,000 Conversion Units)
for the first 12 months of the term and $0.10 per Conversion Unit for the balance of the term of the Debenture after
the initial 12 months (resulting in 600,000 Conversion Units); or ii) following completion of the Consolidation, at a
conversion price of $0.50 per consolidated Conversion Unit (resulting in 120,000 consolidated Conversion Units).
Pursuant to the Bridge Financing the Company , following receipt of the Exchange’s final acceptance, will issue 60
Debentures for gross pr oceeds of C$60,000. All securities issued under the Bridge Financing are subject to a four
month hold period, expiring December 31, 2019, and are subject to a resale restriction prohibiting the holder from
transferring securities until the close of the RTO Transaction or approval is received from the Exchange. The
Convertible Debentures were sold on a non-brokered private placement basis.
Trading of the Company’s common shares on the Exchange will remain halted until the RTO Transaction is accepted
by, or satisfactory documentation has been filed with, the Exchange, pursuant to the policies of the Exchange.
International Millennium Mining Corp. (TSX-V: IMI) common shares trade on the TSX Venture Exchange under
the symbol: IMI and on the Frankfurt Exchange under the symbol: L9J.
ON BEHALF OF THE BOARD
“John A. Versfelt”
John A. Versfelt
President and CEO
Further information about the Company can be found on SEDAR ( www.sedar.com) or by c ontacting Mr. John
Versfelt, President & CEO of the Company at 604-527-8135.
* * * * * * *
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable,
disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There
can be no assurance that the transaction will be completed as proposed or at all.
International Millennium Mining Corp. Page 2
August 30, 2019
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with
the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied
upon. Trading in the securities of IMMC should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved
the contents of this news release.
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. This news release may contain forward -looking statements including but
not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery
processes and other business transactions timing. Forward -looking statements address future events and conditions and therefor e, involve
inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.