iMetal Adds Flow-Through Shares to Equity Financing To Fund Development of Projects and Engages ITG As Market-Maker
iMetal Adds Flow-Through Shares to Equity Financing To Fund
Development of Projects and Engages ITG As Market-Maker
VANCOUVER, BC / ACCESSWIRE / March 8, 2022 / iMetal Resources, Inc. (TSX-
V:IMR) (OTC PINK:ADTFF) (FRA:A7V2) ("iMetal" or the "Company") is pleased to
announce that (as per the original news release dated January 25th, 2022 & the follow up news
release dated February 2nd, 2022) it will conduct a non-brokered private placement (the
"Placement") of 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 (each, a "Warrant") warrant exercisable to acquire an
additional common share at a price of $0.20 for a period of twenty-four (24) months.
The Company also announces that it will conduct a portion of the placement through issuance of
units on a flow-through basis (each, an "FT Unit") at a price of $0.15 per FT Unit. Each "FT
Unit" will 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).
The Company intends to use net proceeds from the Placement towards exploration activities at
the Company's Gowganda West property that is located in the Abitibi Greenstone Gold Belt;
exploration activities at the 665 hectares road accessible Kerrs Gold Deposit that lies about 90
kilometres east-northeast of Timmins, Ontario in the Abitibi Greenstone Gold Belt, in the event
the previously announced property option is consummated; and for general working capital.
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
Exchange.
The Company also announces that, subject to regulatory approval, it has engaged the services of
Independent Trading Group ("ITG") to provide market-making services. ITG will trade shares of
the Company with the objective of maintaining a reasonable market and improving the liquidity
of the Company's common shares.
ITG will receive compensation of CAD$5,000 per month, payable monthly. The agreement is for
an initial term of three months and will renew for additional one-month terms unless terminated.
The agreement may be terminated by either party with 30 days' notice. There are no performance
factors contained in the agreement and ITG will not receive shares or options as compensation.
ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement,
neither ITG nor its principals have an interest, directly or indirectly, in the securities of the
Company.
About Independent Trading Group
ITG is Canada's only brokerage firm dedicated specifically to professional trading. As Canada's
foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services
that are objective and focused. With its head office in Toronto, ITG employs real traders and
provides real liquidity, with an underlying emphasis on integrity and success.
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, an advanced exploration-stage gold project located within the Shining
Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the
Timmins gold camp. Gowganda West shares a border with both Aris Gold Corp.'s
(TSX:ARIS) multi-million oz Juby Deposit as well with Orefinders Resources Inc. (TSX-
V:ORX) & Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) Knight Property.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & Chief Executive Officer
iMetal Resources Inc.
800 West Pender St. - Suite 550
Vancouver, B.C.
V6C 2V6
Office: 604-484-3031
www.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. Forward-looking statements in this news release include, but are not limited to:
statements with respect to future exploration and drilling of the Company; statements with
respect to the Placement, use of proceeds and regulatory approval of the Placement; and
statements with respect to the Company's geological understanding of its mineral properties.
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.