Intrepid Metals upsizes private placement to $6.7 million

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) increased its private placement financing to $6.7 million from a previously announced smaller amount due to investor demand, according to a company statement.

The Vancouver-based exploration company will issue up to 19,142,858 units at $0.35 per unit. Each unit includes one common share and half of a common share purchase warrant. The full warrants allow holders to purchase additional shares at $0.50 each within 24 months of closing.

Securities issued in the offering will have a four-month hold period from the issuance date. The company may pay finder's fees of 6% in cash and 6% in non-transferrable finder warrants exercisable at $0.35 for 24 months on portions of the offering.

Intrepid plans to use proceeds for exploration expenditures, working capital, property payments and as a bridge to complete a strategic partnership transaction. The company expects to close the offering around October 24, 2025, subject to TSX Venture Exchange approval.

The company focuses on exploring copper, silver and zinc projects in southeastern Arizona, including the Corral Copper Project and Tombstone South Project in Cochise County, and the Mesa Well Project in the Laramide Copper Porphyry Belt.

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