iMetal Resources closes $3M private placement with McFarlane Lake

iMetal Resources, Inc. (TSXV: IMR) (OTCQB: IMRFF) has closed a non-brokered private placement, issuing 30,000,000 units at $0.10 per unit for gross proceeds of $3,000,000, according to a press release.

Each unit consists of one common share and one transferable share purchase warrant exercisable at $0.175 until August 17, 2029. The warrants are subject to accelerated expiry if the volume-weighted average trading price of the shares on the TSX Venture Exchange exceeds $0.40 for 20 consecutive trading days, after which warrant holders may be given 30 days' notice of expiration.

McFarlane Lake Mining Limited (CSE: MLM) participated in the offering with 14,200,852 units, giving it approximately 19.9% of iMetal's outstanding common shares. Under an investor rights agreement, MLM is entitled to nominate one board member and advise on exploration at iMetal's Gowganda West property.

Seahawk Capital Corp., a holding company controlled by CEO Saf Dhillon, subscribed for 600,000 units. The company classified this as a related party transaction under TSXV Policy 5.9 and Multilateral Instrument 61-101, relying on available exemptions from formal valuation and minority shareholder approval requirements.

The company paid $213,850 in cash commissions and issued 2,093,500 non-transferable broker warrants to parties who assisted in the offering. All securities are subject to a statutory hold period until December 18, 2026.

iMetal also granted 3,350,000 incentive stock options to certain directors, officers, and consultants, vesting immediately and exercisable at $0.15 until August 17, 2031.

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