Kobex Minerals Inc.
|September 12, 2005|
IMA Closes $10 Million Financing
|News Release 2005 Number 20|
IMA Exploration Inc. is pleased to announce that it has closed its private placement, led by Canaccord Capital Corporation and including Paradigm Capital Inc. and First Associates Investments Inc., of 2,500,000 units at a purchase price of $3.00 per unit, for total proceeds of $7.5 million. The over-allotment option to purchase an additional 833,340 units was exercised, for a total of 3,333,340 units issued, providing total gross proceeds to the Company of $10,000,020. Each unit consists of one common share and one half common share purchase warrant. Each full warrant entitles the holder thereof to purchase one additional common share in the capital of the Company at a price of $3.45 per share until September 14, 2009. The underwriters have been paid a commission of 6% cash and 7% (233,334) underwriter's warrants. Each underwriter's warrant is exercisable for one share at a price of $3.25, for a period of twenty four months, expiring on September 12, 2007.
The common shares forming part of the units, the share purchase warrants and the common shares issuable upon exercise of the warrants are subject to a four month hold period expiring on January 13, 2006.
The Company intends to have the share purchase warrants listed on the TSX Venture Exchange effective upon the expiry of the four month hold period, subject to the approval of the Exchange.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & CEO
For further information please contact Joseph Grosso, President & CEO, or Sean Hurd, Vice President, Investor Relations, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email firstname.lastname@example.org, or visit the Company's web site at http://www.imaexploration.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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