iMetal Resources, Inc. (TSXV: IMR) (OTCQB: IMRFF) confirmed its non-brokered private placement has been fully subscribed, raising $3,000,000 through the issuance of 30,000,000 units at $0.10 per unit.

Each unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable at $0.175 for 36 months following closing. 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 the four-month statutory hold period, at which point the company may issue a press release giving warrant holders 30 days to exercise.

McFarlane Lake Mining Limited (CSE: MLM) has agreed to participate in the offering by purchasing 14,200,852 units, which would give it a 19.9% stake in iMetal upon closing. As part of the arrangement, iMetal and McFarlane Lake Mining entered into an investor rights agreement entitling McFarlane Lake Mining to nominate one board director and to advise on exploration activities at iMetal's Gowganda West property in Ontario.

"MLM's investment is a strong endorsement of Gowganda West and of the strategy we have been executing," said Saf Dhillon, President and 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."

Net proceeds are intended for further exploration at the company's properties and general working capital. Integrity Capital Group Inc. is acting as financial advisor to iMetal, with Cassels Brock & Blackwell LLP serving as legal advisor. Wildeboer Dellelce LLP is advising McFarlane Lake Mining. Integrity is entitled to an 8% cash commission and broker warrants on proceeds from subscribers it introduces to the offering.

Completion of the offering remains subject to regulatory approvals and acceptance by the TSX Venture Exchange. All securities issued will carry a statutory hold period of four months and one day from the date of issue under Canadian securities laws.