INV Metals Reports Q3/2010 Results
TORONTO, ON – November 15, 2010 — INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) reports its financial results for the three and nine month periods ended September 30, 2010 (see INV Metals’ unaudited interim consolidated financial statements and MD&A filed on SEDAR at www.sedar.com and on the Company’s web site at www.invmetals.com).
Candace MacGibbon, President and CFO, commented, “We are pleased to report our quarterly financial results. The Company’s strong financial position has been further strengthened as a result of the closing of the recent equity financing and management looks forward to continuing the Company’s aggressive exploration efforts on the Kaoko property, located in Namibia and the Rio Novo property, located in Brazil.”
As at September 30, 2010, the Company had cash resources of approximately $9 million. However, on November 12th the Company closed its previously announced bought deal financing of 11,350,000 common shares of the Company at a purchase price of $1.15 per common share for proceeds to the Company of $13,052,500, less financing related expenses.
The Company recorded a net loss of $433,848 or $0.01 per share for the three month period ended September 30, 2010 (“Q3/2010”), compared with a net loss of $626,523 or $0.01 per share for the corresponding period ended September 30, 2009 (“Q3/2009”). General and administration expenses for Q3/2010 were $362,937, compared to $405,948 for Q3/2009.
About INV™ Metals Inc.
INV Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil, Namibia and Canada. Currently, INV Metals’ primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario.