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Inovent Completes NI 43-101 Report on King's Point Polymetallic Project
December 05, 2016 7:15 AM EST | Source: Inomin Mines Inc.
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2016) - Inovent Capital Inc. (TSXV: IVQ.P) ("Inovent" or the "Company") is pleased to announce the completion and Sedar filing (www.sedar.com) of a technical report prepared in accordance with National Instrument 43-101 (the "Technical Report") for the King's Point gold-copper-zinc property in Newfoundland, Canada (the "Property").
The Technical Report is dated effective September 18, 2016 and entitled "Technical Report on the King's Point Polymetallic Project, Green Bay Area, Newfoundland". Inovent commissioned L. John Peters, P. Geo. to prepare the Technical Report. Mr. Peters is a "qualified person" as defined in NI 43-101 and is independent of Inovent.
As previously announced on August 18, 2016, Inovent proposes to acquire the Property as its Qualifying Transaction pursuant to an agreement dated August 12, 2016 (the "Agreement").
Inovent is also completing a private placement financing to provide funding for the Property acquisition. Following is a summary of the anticipated use of the proceeds from the financing:
| Minimum Offering | Maximum Offering | |
| Gross Proceeds from Financing | $450,000 | $550,000* |
| Costs of Financing and QT | $75,000 | $75,000 |
| Exploration Program (recommended in NI43-101 Technical Report on the Property prepared for Inovent | $200,000 | $200,000 |
| Working Capital | $175,000 | $275,000 |
*subject to increase at the discretion of Inovent.
Investors may review terms of the private placement from the Company's November 1, 2016 news release or contact Inovent for details.
Inovent is a Capital Pool Company (as defined in Exchange Policy 2.4) and has been identifying and evaluating potential Qualifying Transactions as its sole business. Upon completion of the Qualifying Transaction, and subject to Exchange approval, Inovent will be designated as a Tier 2 mining issuer on the TSXV Exchange, engaged in the identification, exploration and development of prospective mineral properties. Inovent also holds warrants to purchase shares in Canada Jetlines Ltd. For further information visit www.inoventcapital.com.
The Qualified Person for this news release is L. John Peters, P. Geo., who has reviewed and approved the contents of this news release.
On behalf of the board of Inovent:
INOVENT CAPITAL INC.
Per:"David Brett"
David H. Brett, MBA
Chief Executive Officer & Director
For more information please contact:
John Gomez, Director
Tel. 6044847118
john@inoventcapital.com
David Brett
Tel. 6046822421
david@inoventcapital.com
www.inoventcapital.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Neither the 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.