iMetal Closes Oversubscribed Non-Brokered Private Placement by 50% for $825,000

2017-04-05 New Release

iMetal Closes Oversubscribed Non-Brokered Private Placement by 50% for $825,000

iMetal Resources, Inc (“IMR” or the “Company”) is pleased to announce that it has closed the non-brokered private placement previously announced by press release on March 1, 2017, for gross proceeds of $825,000, subject to TSX Venture Exchange approval.

The Company will issue 16,500,000 units at a price of $0.05 per unit (the “Units”). Each Unit consists of one common share (the “Shares”) and one share purchase warrant (the “Warrants”). Each Warrant will entitle the holder to purchase one additional common share, exercisable at a price of $0.05 per share for a period of 24 months from the date of issue.

All securities issued under the private placement are subject to a mandatory hold period off four months plus one day following the closing of the private placement. The Company will pay finder’s fees totaling $20,500 and 410,000 finder’s warrants exercisable at a price of $0.05 per share for a period of 24 months from the date of issue.

The proceeds of this private placement will be used for working capital and for property development.

ABOUT iMetal Resources, Inc: iMetal is an emerging company focused on the exploration and development of a number of projects in Ontario and Quebec. With a broad management experience in junior resource exploration and development. iMetal is well positioned to aggressively advance this promising property portfolio for its shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS,

Johan Grandin CEO, IMetal Resources Inc.