Due to Investor Demand iMetal Increases Size of Private Placement
Due to Investor Demand iMetal Increases Size of Private Placement
VANCOUVER, BC / March 25, 2022 / 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.
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.