iMetal Resources Raises $1,281,250 in Private Placement
iMetal Resources Raises $1,281,250 in Private Placement
VANCOUVER, BC / ACCESSWIRE / April 10, 2023 / iMetal Resources Inc.
(TSX.V: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 $1,281,250, in connection with the closing of the Placement, the Company issued
2,000,000 Quebec flow-through units (each, a "Quebec Unit") to one subscriber resident in the
Province of Quebec on March 31, 2023 and 3,125,000 flow-through units (each, a "FT Unit") to
subscribers resident in the rest of Canada on April 6, 2023. The FT Units and Quebec Units were
both offered at a price of $0.25 per FT Unit and Quebec Unit.
Each Quebec Unit consists of one common share of the Company and one common share
purchase warrant exercisable to acquire an additional common share at a price of $0.35 until
March 31, 2025 (each, a "Quebec Warrant").
Each FT Unit consists of one common share of the Company and one common share purchase
warrant exercisable to acquire an additional common share at a price of $0.30 until April 6, 2025
(each, a "Warrant").
The common shares forming part of the Quebec Units and the FT Units 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 by the Company to incur qualifying expenditures
related to the Company's properties provided that the proceeds from sale of the Quebec Units
will only be used on projects located in the Province of Quebec.
In connection with completion of the Placement, the Company paid $45,000 and issued 120,000
Quebec Warrants and 60,000 Warrants to certain arm's length third parties who assisted by
introducing subscribers to the Company. The securities issued in connection with the Quebec
Units are subject to a statutory hold period until August 1, 2023, and the securities issued in
connection with the FT Units are subject to a statutory hold period until August 7, 2023, all in
accordance with applicable securities laws.
The Placement included a subscription from an insider of the Company for an aggregate of
125,000 FT Units. This participation by the insider constitutes a "related party transaction"
within the meaning of Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-
101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). For this
transaction, the Company has relied on the exemption from the formal valuation requirements
contained in Section 5.5(a) of MI 61-101 and has relied on the exemption from the minority
shareholder requirements contained in Section 5.7(1)(a) of MI 61-101.
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.