iMetal Resources Confirms Private Placement Is Fully Subscribed
iMetal Resources Confirms Private Placement
Is Fully Subscribed
Vancouver, British Columbia--(Newsfile Corp. - August 5, 2026) -
iMetal Resources, Inc. (TSXV: IMR)
(OTCQB: IMRFF) (FSE: A7VA)
("
iMetal
" or the "
Company
") confirms that its previously announced
non-brokered private placement (the "
Offering
") is now fully subscribed.
The Offering consists of
30,000,000 Units (each, a "
Unit
"), at a price of $0.10 per Unit, for gross proceeds of $3,000,000.
Each Unit consists of one common share in the capital of the Company (each, a "
Share
") and one
transferable share purchase warrant of the Company (each, a "
Warrant
").
Each Warrant entitles the
holder thereof to purchase one additional Share of the Company at a price of $0.175 for a period of
thirty-six months after the closing of the Offering. The Warrants will be subject to an accelerated expiry if,
any time after the date that is four months and one day after the closing date of the Offering, the volume-
weighted average trading price of the Shares on the TSX Venture Exchange ("
TSXV
") exceeds $0.40
for twenty (20) consecutive trading days, in which event the holders of the Warrants may, at the
Company's election, be given notice and the Company will issue a press release announcing the
Warrants will expire thirty (30) days following the date of such press release.
McFarlane Lake Mining Limited (CSE: MLM) ("
MLM
") has agreed to participate (the "
Investment
") in
the Offering in the amount of 14,200,852 Units.
This will result in MLM holding 19.9% of the outstanding
common shares of the Company upon completion of the Offering.
In connection with the Investment, the
Company and MLM have entered into an investor rights agreement, to be effective upon closing of the
Offering, pursuant to which MLM will be entitled to nominate one member of the board of directors of the
Company and to advise the Company on exploration activities at the Company's Gowganda West
property. This will allow the Company to draw upon MLM's technical expertise and regional experience in
support of exploration planning and execution.
"MLM's investment is a strong endorsement of Gowganda West and of the strategy we have been
executing," said Saf Dhillon, President & CEO of iMetal. "Beyond the capital, this strategic investment
brings us a partner with substantial Abitibi exploration experience and technical capability that can be
applied directly to our flagship project. We are pleased to welcome MLM as a significant shareholder
and we look forward to having their support as we advance our exploration programs."
The Company intends to use the net proceeds of the Offering towards further exploration at the
Company's properties as well as for general working capital.
Integrity Capital Group Inc. ("
Integrity
") is acting as financial advisor, and Cassels Brock & Blackwell
LLP is acting as legal advisor, to the Company in connection with the Offering.
Wildeboer Dellelce LLP
is acting as legal advisor to MLM in connection with the Investment.
For further information concerning the Offering, please contact Integrity at
.
The Company has agreed to pay Integrity a fee on any subscribers introduced by Integrity to the Offering
consisting of: (i) a cash commission equal to 8% of the gross proceeds from subscribers introduced by
Integrity to the Offering; and (ii) non-transferable broker warrants (each, a "
Broker Warrant
") equal to
8% of the number of Units sold to subscribers introduced by Integrity to the Offering. Each Broker
Warrant will entitle the holder to acquire one Unit at an exercise price of $0.10 for a period of thirty-six
months after the closing of the Offering.
In connection with the Offering, the Company may also pay finders' fees to additional eligible third parties
who have assisted in introducing subscribers.
Completion of the Offering remains subject to receipt of all
necessary regulatory approvals and acceptance of the TSXV.
All securities issued under the Offering will
be subject to a statutory hold period of four months and one day from the date of issue, in accordance
with applicable Canadian securities laws.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United
States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification
or registration under the securities laws of such jurisdiction. The securities being offered have not been,
nor will they be, registered under the United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S.
persons absent registration or an applicable exemption from U.S. registration requirements and
applicable U.S. state securities laws.
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. The flagship property, Gowganda West, is an
exploration-stage gold project with a recent discovery hole of 48.5 m at 0.85 g/t gold 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 220-hectare Ghost
Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and
Holloway Mine. Carheil is an exploration-stage project with multi-metal potential and previous graphite
results. The project is about 170 km north of Rouyn-Noranda in the Northern Abitibi Greenstone Belt.
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 release may contain forward-looking statements or forward-looking information under applicable
Canadian securities legislation that may not be based on historical fact, including, without limitation,
statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate",
"intend", "expect", "potential", and similar expressions. Forward-looking statements involve known
and unknown risks, uncertainties, and other factors which may cause the actual results, performance,
or achievements of iMetal to be materially different from any future results, performance, or
achievements expressed or implied by the forward-looking statements. Forward-looking statements or
information in this release relate to, among other things, the use of proceeds with respect to the
Offering and the Company's ability to gain approval from the TSXV. These forward-looking statements
are based on management's current expectations and beliefs and assume, among other things, the
ability of the Company to successfully pursue its current development plans, that future sources of
funding will be available to the Company, that relevant commodity prices will remain at levels that are
economically viable for the Company and that the Company will receive relevant permits in a timely
manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers
are cautioned not to place undue reliance on such forward-looking statements or information. The
Company disclaims any obligation to update, or to publicly announce, any such statements, events or
developments except as required by law.
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