Intrepid Announces C$6.5 million Non-Brokered Private Placement

Core Viewpoint - Intrepid Metals Corp. has announced a non-brokered private placement to raise up to C$6.5 million, with Teck Resources Limited participating by subscribing for approximately C$4.1 million worth of shares, reflecting confidence in the Corral Copper Project's potential [1][2][3]. Financing Details - The Offering will consist of common shares priced at C$0.60 each, with Teck acquiring 6,842,881 shares, which will increase its ownership to approximately 15% of the total shares on a non-diluted basis upon closing [1][7]. - The proceeds will fund a 30-month exploration and development program at the Corral Copper Project, including various geological and drilling activities [3][10]. Strategic Partnership - Teck's increased investment is seen as a strong endorsement of the Corral Copper Project's quality and potential, indicating a strategic alignment between Intrepid and Teck [2][3]. - An amendment to the existing investor rights agreement will allow Teck to increase its maximum ownership from 15% to 19.9% and extend timelines for the committed program [4]. Project Overview - The Corral Copper Property is located in Cochise County, Arizona, near historical mining areas, and is considered an advanced exploration opportunity [10][11]. - Historical drilling data and modern exploration techniques are being utilized to enhance the project's development potential [12][13]. Management Update - Intrepid Metals Corp. has announced the resignation of Mr. Matt Lennox-King from its Board of Directors, thanking him for his contributions [9].