iMetal Resources announces $4 million private placement offering

iMetal Resources Inc. (TSXV: IMR) (OTCQB: IMRFF) (FSE: A7VA) announced it will offer up to 40 million units at $0.10 per unit through a non-brokered private placement for gross proceeds of up to $4 million.

Each unit consists of one common share and one transferable warrant. The warrants allow holders to purchase additional shares at $0.20 for 36 months after the offering closes. The warrants include an accelerated expiry provision if the company's share price reaches or exceeds $0.40 for ten consecutive trading days after four months and one day from the closing date.

The company plans to use net proceeds for exploration activities at its properties and general working capital purposes.

iMetal engaged Integrity Capital Group Inc. as financial advisor for the offering. Integrity will receive an 8% cash commission on gross proceeds from subscribers it introduces, plus non-transferable broker warrants equal to 8% of units sold to those subscribers. The broker warrants allow purchase of units at $0.10 for 36 months after closing.

The offering requires regulatory approvals and TSX Venture Exchange acceptance. Securities issued will be subject to a four-month and one-day statutory hold period under Canadian securities laws.

iMetal is a Canadian junior exploration company with resource properties in Ontario and Quebec. Its portfolio includes the Gowganda West gold project in the Shining Tree Camp area, the Ghost Mountain property near Kirkland Lake, and the Carheil multi-metal exploration project north of Rouyn-Noranda.

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