iMetal Resources closes $540,901 private placement

Executive Summary

• iMetal Resources Inc. has closed a non-brokered private placement of flow-through units, raising gross proceeds of up to $540,901.
• The company issued 4,160,777 flow-through units at a price of 13 cents per unit, with proceeds designated for the exploration of the Gowganda West property in Ontario.
• The offering included warrants attached to the units and separate finder warrants issued to arm's-length parties for their assistance in the transaction.

Key Details

• Transaction Structure: Non-brokered private placement of flow-through units.
• Units Issued: 4,160,777 flow-through units.
• Price Per Unit: 13 cents CAD.
• Gross Proceeds: Up to $540,901 CAD.
• Unit Composition: Each unit consists of one common share (issued as a flow-through share under the Income Tax Act (Canada)) and one-half of one share purchase warrant.
• Warrant Terms (Attached): Each warrant entitles the holder to purchase one additional common share at an exercise price of 20 cents.
• Warrant Expiry: December 17, 2027.
• Use of Proceeds: Exploration of the company's Gowganda West property, located in the Shining Tree camp of the Abitibi greenstone gold belt, Ontario.
• Finder Compensation:
  • Cash paid: $37,898 to arm's-length parties.
  • Warrants issued: 291,523 share purchase warrants.
  • Finder Warrant Terms: Exercisable until December 17, 2027.
  • Finder Warrant Pricing: 134,615 warrants exercisable at 13 cents; 156,908 warrants exercisable at 20 cents.
• Resale Restrictions: All securities issued are subject to a hold period until April 18, 2026.
• Qualified Person: R. Tim Henneberry, PGeo (British Columbia), director and qualified person under National Instrument 43-101.