TORONTO, May 23, 2013 /PRNewswire/ -- Innovation Metals Corp. ("IMC" or "the Company") today announced that it has entered into an advisory services agreement (the "Agreement") with Collins Barrow Toronto LLP ("CBT"). IMC has retained CBT to provide advisory services in relation to a non-brokered private financing to raise up to $5,000,000 in gross proceeds (the "Capital Raise").
"We are pleased to have engaged CBT to provide assistance in the capital raising process," commented Gareth Hatch, President of IMC. "The firm provides the type of experience and expertise that we need to complete this round of financing for our project."
The proceeds from the Capital Raise will be used to fund the completion of pre-feasibility and feasibility studies, to be conducted by GENIVAR Inc. on the independent, centralized critical rare-earth toll-separation facility (the "Facility") that the Company intends to build in Becancour, Quebec, and to complete the associated environmental permitting process. They will also be used to construct and to operate a 120-stage lab-scale solvent-extraction pilot plant (the "Pilot Plant") and for general working capital purposes.
"Similar to the oil & gas industry where feedstocks from different producers are processed in centralized refineries, we believe that the rare-earth industry will benefit from a centralized approach," said Patrick Wong, CEO of IMC. "Investing in IMC at this stage is a unique opportunity not unlike investing in the first oil refineries."
IMC has invited a select number of future rare-earth producers to participate in the current capital raise, as a means of securing their future separation capacity. "Invited future producers that toll process their rare earths through the IMC facility," commented Mr. Wong, "will be part of a new tier of producers that will be far more attractive to end users, in terms of potential financial support and long-term agreements, than those which plan to simply sell intermediate rare-earth concentrates."
About Collins Barrow Toronto LLP
Collins Barrow Toronto LLP ("CBT") is a leading mid-market firm in Toronto. With offices from coast to coast, Collins Barrow is one of Canada's largest associations of chartered accounting firms and the eighth largest group of chartered accountants in Canada. Known as Canada's mid-market alternative for audit, tax and advisory solutions, Collins Barrow has developed a reputation for being a real choice for quality and value-added financial advice due to the depth and breadth of in-house skills, customized offerings, commitment to excellence in customer service and global reach.
About Innovation Metals Corp.
Innovation Metals Corp. ("IMC") is a private Canadian-based company founded in 2011. IMC's goal is to alleviate the bottleneck that has formed in the rare-earth supply chain, through the creation of the world's first independent, centralized rare-earth separation facilities, to be located in Becancour, Quebec. The company is bridging the gap between producers and end users via the creation of a Consortium, through which it will provide low-cost material tolling programs to producers, and assuring security of supply for end users and sovereign governments.
This news release contains projections and statements that may constitute "forward-looking statements" within the meaning of applicable Canadian and United States laws. Forward-looking statements in this release may include, among others, statements regarding the future plans, costs, objectives or performance of Innovation Metals Corp. ("IMC"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "could", "would", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "goal", "estimate" and similar words and the negative forms thereof are used to identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are beyond IMC's control, and which may cause the actual results, level of activity, performance or achievements of IMC to be materially different from those expressed or implied by such forward-looking statements. Such risks and uncertainties could cause actual results and IMC's plans and objectives to differ materially from those expressed in the forward-looking information. IMC can offer no assurance that its plans will be completed. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, IMC assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Ms. Janice Chan, Senior Communications Manager
Collins Barrow National
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SOURCE Innovation Metals Corp.