Innovation Metals Corp. (IMC) has entered into an advisory services agreement with Collins Barrow Toronto LLP (CBT). IMC has retained CBT to provide advisory services in relation to a non-brokered private financing to raise up to $5,000,000 in gross proceeds (the Capital Raise).
“We are pleased to have engaged CBT to provide assistance in the capital raising process,” commented Gareth Hatch, President of IMC. “The firm provides the type of experience and expertise that we need to complete this round of financing for our project.”
The proceeds from the Capital Raise will be used to fund the completion of pre-feasibility and feasibility studies, to be conducted by GENIVAR Inc. on the independent, centralized critical rare-earth toll-separation facility that the Company intends to build in Becancour, Quebec, and to complete the associated environmental permitting process. They will also be used to construct and to operate a 120-stage lab-scale solvent-extraction pilot plant and for general working capital purposes.
“Similar to the oil & gas industry where feedstocks from different producers are processed in centralized refineries, we believe that the rare-earth industry will benefit from a centralized approach,” said Patrick Wong, CEO of IMC. “Investing in IMC at this stage is a unique opportunity not unlike investing in the first oil refineries.”
IMC has invited a select number of future rare-earth producers to participate in the current capital raise, as a means of securing their future separation capacity. “Invited future producers that toll process their rare earths through the IMC facility,” commented Mr. Wong, “will be part of a new tier of producers that will be far more attractive to end users, in terms of potential financial support and long-term agreements, than those which plan to simply sell intermediate rare-earth concentrates.”
