Due to Investor Demand iMetal Increases Size of Private Placement

Due to Investor Demand iMetal Increases Size of Private Placement

iMetal Resources Inc. (TSXV:IMR) (OTC PINK:ADTFF) (FRA:A7V2) ("iMetal" or the "Company") announces that as a result of market interest it has elected to increase the size of its previously announced non-brokered private placement (the "Placement"). The Company will continue to offer up to 16,666,667 units (each, a "Unit") at a price of $0.12 per Unit for gross proceeds of up to $2,000,000. Each "Unit" will consist of one common share of the Company and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.20 for a period of twenty-four (24) months (each, a "Warrant

The Company will also offer up to 6,666,667 flow-through units (each, an "FT Unit") at a price of $0.15 per FT Unit for further gross proceeds of up to $1,000,000. Each "FT Unit" will also consist of one common share (each, an "FT Share") of the Company and one Warrant. The FT Shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

Proceeds from the Placement will be used for the development of the Company's Gowganda West Project, as well as development of the Kerrs Gold Deposit in the event the previously announced property option is consummated and for general working capital purposes. Completion of the Placement is not contingent on the acquisition of rights to the Kerrs Gold Deposit, and the Company will proceed with the Placement even if the acquisition is not consummated.

In connection with the Placement, the Company may pay finders' fees to eligible third-parties who have introduced subscribers to the Company. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the Placement remains subject to the approval of the TSX Venture Exchange.

About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon
President & CEO
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
https://imetalresources.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

SOURCE: iMetal Resources, Inc.



View source version on accesswire.com:
https://www.accesswire.com/694643/Due-to-Investor-Demand-iMetal-Increases-Size-of-Private-Placement

News Provided by ACCESSWIRE via QuoteMedia

IMR:CA
The Conversation (0)
Gold bars with financial chart overlay; text says "Weekly Editor's Picks."

Editor's Picks: Precious Metals Prices Bumpy, China Makes Major Gold Move

The gold price was on the move this week, pushing back above the US$4,000 per ounce level and rising to nearly US$4,160 before pulling back.Silver followed a similar trajectory, reaching a midweek peak of US$60.50 per ounce.The precious metals were initially buoyed by increased conflict between... Keep Reading...
Frank Trotter, gold bars.

Frank Trotter: Gold Price Going Higher, How to Put Your Metal to Work

Frank Trotter shares an update on Battle Bank, saying it's now open for business. The CEO also discusses gold's positive long-term prospects and why it's key for investors to own. Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no... Keep Reading...
Brent Cook, mining truck.

Brent Cook: Junior Miner Red Flags, Plus Metals I Like Now

Brent Cook, founder of Exploration Insights, shares his outlook for the resource sector, saying his conviction in the space remains strong. "Ignoring where we're at right now, which is kind of (the) summer doldrums — looking out to the end of the year and into next year, I think we're going to... Keep Reading...
Non-Renounceable Entitlement Offer to Raise $2.5 Million

Non-Renounceable Entitlement Offer to Raise $2.5 Million

Piche Resources (PR2:AU) has announced Non-Renounceable Entitlement Offer to Raise $2.5 MillionDownload the PDF here. Keep Reading...
Aurum extends BDT2 gold beyond current resource

Aurum extends BDT2 gold beyond current resource

Aurum Resources (AUE:AU) has announced Aurum extends BDT2 gold beyond current resourceDownload the PDF here. Keep Reading...
Gum Creek Open Pit DFS Confirms Pathway for WA’s Next Major Gold Mine Development

Gum Creek Open Pit DFS Confirms Pathway for WA’s Next Major Gold Mine Development

Horizon Gold Limited (ASX: HRN) (‘Horizon’ or ‘the Company’) is pleased to announce the Definitive Feasibility Study (‘DFS’ or ‘Study’) of its 100% owned Gum Creek Gold Project (‘Project’) in Western Australia.The Open Pit DFS confirms Gum Creek's potential to become Western Australia’s next... Keep Reading...

Interactive Chart

Latest Press Releases

Related News