Intrepid Metals closes $6.7 million private placement

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) completed a non-brokered private placement on October 28, 2025, raising $6.7 million in gross proceeds.

The company issued 19,142,858 units at $0.35 per unit. Each unit consists of one common share and one-half warrant. Full warrants allow holders to purchase additional shares at $0.50 until October 28, 2027. Securities from the offering are subject to a hold period ending March 1, 2026.

Intrepid will use net proceeds for exploration expenditures, working capital, property payments and bridging to completion of a strategic partnership transaction.

The company paid finder's fees of 6% in cash and 6% in non-transferable finder warrants on a portion of the offering. Cash finder's fees totaled $235,409.94, and 672,599 finder warrants were issued, exercisable at $0.35 for 24 months from closing.

Company officers and affiliates participated in the offering, purchasing 771,430 units for $270,000.50 in total gross proceeds. These transactions are considered related party transactions under Multilateral Instrument 61-101 but are exempt from formal valuation and minority shareholder approval requirements since the fair market value does not exceed 25% of the company's market capitalization.

Intrepid Metals focuses on exploring for copper, silver and zinc projects in southeastern Arizona. The company's properties include the Corral Copper Project, Tombstone South Project in Cochise County, Arizona, and the Mesa Well Project in the Laramide Copper Porphyry Belt.

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