Imetal to Consolidate Share Capital and Complete $2.75 Million Offering
iMETAL TO CONSOLIDATE SHARE CAPITAL AND COMPLETE
$2.75 MILLION OFFERING
VANCOUVER, British Columbia, August 2 7, 2020 – iMetal Resources Inc. (TSX.V: IMR)
(OTCQB: ADTFF) (“ iMetal” or the “ Company”) announces that its board of directors has
approved a consolidation (the “ Consolidation”) of the Company’s common share capital on a
one-for-five basis. The Company currently has 118,455,100 common shares outstanding, and
following completion of the Consolidation it is expected to have approximately 23,691,020
shares outstanding. The Company will provide further details regarding the Consolidation,
including the effective date, as soon as they become available.
In connect ion with completion of the Consolidation, the Company intends to offer up to
25,000,000 post-Consolidation units (each, a “Unit”) by way of non-brokered private placement.
The Units will be offered at a price of $0.11 per Unit, for gross proceeds up to $2,750,000. Each
Unit will consist of one post -Consolidation common share and one share purchase warrant
entitling the holder to acquire an additional post-Consolidation share a price of $0.20 for a period
of twenty-four months. In connection with completion of the placement, the Company may pay
finders’ fees to eligible parties who have assisted in introducing subscribers to the Company.
The Company intends to use the net proceeds of the placement to finance a drill program at its
flagship property Gowgand a West. The Company holds a 100% interest in the 145
km2 contiguous Gowganda West Project, located 17 km WSW of Gowganda Ontario, and 90 km
SW of Kirkland Lake Ontario. The property can be accessed year-round by paved highway 560
from Gowganda and via maintained gravel and newly built forest roads and 4WD logging roads
that trend south from Hwy 560.
iMetal has a field crew on the Gowganda Project conducting prospecting and sampling with a
focus on defining and extending exploration targets in close proximity and on the strike with the
Juby gold system controlled by Caldas Gold Corp.(TSXV: CGC).
All securities to be 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
Consolidation and the private placement remains subject to the approval of the TSX Venture
Exchange. Completion of the private placement is subject to completion of the Consolidation.
About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of
its portfolio of resource properties in Ont ario 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 area in the southern part of the Abitibi greenstone belt
about 100 km south-southeast of the Timmins gold camp.
ON BEHALF OF THE BOARD
Johan Grandin, CEO
ON BEHALF OF THE BOARD OF DIRECTORS,
Johan Grandin
Chief Executive Officer
iMetal Resources Inc.
Tel. (604-739-9713)
588-580 Hornby St., Vancouver, BC, V6C 3B6
https://imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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 fr om those in forward -looking statements. Factors that could cause actual results to differ
materially from those in forward -looking statements include 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.