Inventus Mining Completes Flow-Through Private Placement to Fund Critical Mineral Exploration at its Sudbury 2.0 Project

Not for Distribution to United States Wire Services or Dissemination in The United States

TORONTO, May 05, 2023 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to report that it has closed a non-brokered private placement of 3,157,895 critical mineral flow-through units (“CMFT Units”), which were sold at $0.095 per Unit for gross proceeds of $300,000 (the “Offering”). Each Unit consists of one common share issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one half of a regular common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one Common Share for $0.15 for a period of three years after the closing of the Offering.

The Offering of the CMFT Units is subject to the receipt of all required corporate and regulatory approvals including the approval of the TSX-V. All securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.

Proceeds of the Offering will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow-through mining expenditures” as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of CMFT Units.

The Company intends to us the proceeds of the Offering to fund exploration at its Sudbury 2.0 Project, including an induced polarization (IP) survey and diamond drilling at the Dorland cobalt prospect.

About Inventus Mining Corp.

Inventus is a mineral exploration and development company focused on the world-class mining district of Sudbury, Ontario. Our principal assets are a 100% interest in the Pardo Paleoplacer Gold Project and the Sudbury 2.0 Critical Mineral Project located northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has approximately 168.0 million common shares outstanding.

Visit http://www.inventusmining.com for more information.

For further information, please contact:

Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
E-mail: [e-mail]

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