iMetal Resources Inc. Closes $676,000 Private Placement
Vancouver, BC, October 31, 2018 – iMetal Resources Inc. (TSX.V: IMR) (“iMetal” or the “Company”) is pleased to announce that it has closed a non-brokered hard dollar private placement with strategic investors for gross proceeds of $676,000, subject to TSX Venture Exchange approval.
The Company will issue 8,450,000 units at a price of $0.08 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 $0.10 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 of four months plus one day following the closing of the private placement.
The proceeds of this private placement will be used for working capital and property development.
iMetal has recently ramped up exploration at its flagship 105 sq. km Gowganda West Project with more results from channel sampling of high-grade gold areas expected shortly in advance of upcoming first-ever drilling.
ON BEHALF OF THE BOARD OF DIRECTORS,
“Johan Grandin”
President & CEO, iMetal Resources Inc.
Tel. (604)-739-9713 510-580 Hornby St., Vancouver, BC, V6C 3B6 / https://imetalresources.ca