iMetal Raises $602,000 In Fully Subscribed Private Placement of Flow-Through Shares
iMetal Raises $602,000 In Fully Subscribed Private Placement of
Flow-Through Shares
VANCOUVER, BC / January 3, 2023 / iMetal Resources Inc.
(TSXV:IMR)(OTCBB:ADTFF)(FRANKFURT:A7V) ("iMetal" or the "Company")
announces that it has closed a non-brokered private placement (the "Placement") for gross
proceeds of $602,000. In connection with closing of the Placement, the Company issued
2,150,000 flow-through shares (each, an "FT Share") at a price of $0.28 per FT share. The FT
Shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the
Income Tax Act (Canada).
In connection with completion of the Placement, the Company paid $42,140 and issued 150,500
common share purchase warrants (the "Warrants") to certain arms-length third parties including
GloRes Securities Inc., who assisted by introducing the subscriber to the Company. The
Warrants are exercisable at a price of $0.35 until December 30th, 2024. All securities issued in
connection with the Placement are subject to a statutory hold period until May 1st, 2023 in
accordance with applicable securities laws.
Proceeds from the Placement will be used for the development of the Company's 100% owned
Carheil Project. The Carheil property is located in the Abitibi region of Quebec, is less than
15kms from Agnico Eagles Zone 58N gold zone and about 25 kilometres west of the former
Selbaie Mine which historically produced 56.9 Mt grading 0.87% Cu, 1.85% Zn, 39 g/t Ag and
0.55 g/t Au (historical production). In December 2022 there was a discovery of a large copper-
gold-silver-molybdenum system less than 1.5 kms from the Carheil boundary. "With new
funding from our just closed financing, and the recent announcement by our neighbours, our
team is excited to get to work at Carheil immediately," said Saf Dhillon, President & Chief
Executive Officer.
About iMetal Resources Inc.
iMetal is a Canadian based junior exploration company focused on the exploration and
development of its portfolio of resource properties in Ontario and Quebec. One of its Flagship
properties Gowganda West, is an exploration-stage gold project that borders the Juby Deposit
and is 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. The 665-hectare Kerrs
Gold deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with
a 2011 historic resource, 90 kilometres ENE of Timmins. The 220-hectare Ghost Mountain
property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and
Holloway Mine.
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.