iMetal Resources arranges $4-million private placement

Executive Summary

• iMetal Resources Inc. announced a non-brokered private placement offering up to 40 million units at $0.10 per unit, raising gross proceeds of up to $4 million.
• Each unit consists of one common share and one transferable share purchase warrant, with warrants exercisable at $0.20 for 36 months.
• Net proceeds are intended for further exploration of company properties and general working capital.

Key Details

• Offering Size: Up to 40,000,000 units.
• Price: $0.10 per unit.
• Gross Proceeds: Up to $4,000,000.
• Structure: Each unit comprises one common share and one transferable share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.20 per share.
  • Duration: 36 months from closing.
  • Accelerated Expiry: If the share price closes at or above $0.40 for 10 consecutive trading days (starting 4 months and 1 day after closing), the company may accelerate expiry. Warrants will expire 30 days after the press release announcing the acceleration, with a 30-day exercise window following the announcement.
• Use of Proceeds: Further exploration at company properties and general working capital.
• Financial Adviser: Integrity Capital Group Inc. engaged as financial adviser.
• Adviser Compensation:
  • Cash commission: 8% of gross proceeds from subscribers introduced by Integrity.
  • Broker warrants: Non-transferable warrants equal to 8% of the number of units sold to subscribers introduced by Integrity.
  • Broker Warrant Terms: Exercise price of $0.10 for 36 months.
• Finders: Company may pay finders' fees to additional eligible third parties introducing subscribers.
• Regulatory Status: Subject to regulatory approvals and TSX Venture Exchange acceptance.
• Hold Period: Statutory hold period of 4 months and 1 day from date of issue.

Notable Quotes

• None provided in the text.