TORONTO, ONTARIO--(Marketwired - Oct 8, 2015) - Inspiration Mining Corp. (the "Corporation") (TSX:ISM) is pleased to announce that it has completed its non-brokered private placement.
The Corporation issued an aggregate of 8 million common shares of the Corporation at a price of $0.05 per Common Share for gross proceeds of $400,000. In connection with the private placement, the Corporation is required to pay a cash fee of $32,000 or 8% of the aggregate consideration raised pursuant to the private placement to an arm's length third party.
The securities issued pursuant to the private placement are subject to resale restrictions expiring December 1, 2015. The Corporation intends to use the proceeds for general working capital.
The Corporation also announces that Mr. Jim Davis has resigned as director of the Corporation. The Corporation would like to thank Mr. Davis for his service and contribution to the Corporation and wishes him success in his future endeavors.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
