Imperial Mining Announces Closing of a $819,000 Private Placement of Units
Imperial Mining Group Ltd. announced the successful closing of the first tranche of a non-brokered private placement, raising $819,000 by issuing 5,460,000 units at $0.15 each. The offering aims for total proceeds of $1,500,000, with proceeds allocated for exploration on the Crater Lake TG Zone scandium-rare earth deposit, including optimization and bulk sampling. Notably, Belgravia Hartford Capital increased its stake from 10.87% to 11.15%. The deal is subject to TSX Venture Exchange approval.
- Successfully raised $819,000 in the first tranche of private placement.
- Funding will enhance exploration and metallurgical testing for the Crater Lake project.
- Increased interest from high-net-worth international investors, indicating market confidence.
- None.
MONTREAL, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (“Imperial” or the “Corporation”) (TSX VENTURE: IPG) is pleased to announce that it closed the first tranche of a non-brokered private placement (the “Offering”) of 5,460,000 units (each, a “Unit”) at a price of
The Corporation will use the proceeds of the Offering to complete exploration on the Corporation’s Crater Lake TG Zone scandium-rare earth deposit, optimize the metallurgical test work for the project, collect a 50t bulk sample from the property, with the objective of delivering a 43-101 Resource Report and a Preliminary Economic Assessment, and for other corporate purposes. The bulk sample will ultimately be used for input in a planned scandium recovery pilot plant.
“I am very pleased with the positive response that the market had regarding our hard dollar private placement,” said Imperial President & CEO, Peter Cashin. “This financing continues to add important, new high-net worth international investors into the Imperial Mining fold. I believe that our financing success emphasizes the potential that scandium has as a strengthener of next-generation aluminum alloys and its importance to Quebec’s aluminum alloys industry.”
In connection with the Offering, the Corporation paid to finders, which are all at arms’ length with the Corporation, finders’ fees for a total of
All securities issued pursuant to the Offering are subject to the applicable statutory hold period of four (4) months and one (1) day from the closing. The Offering is subject to the final approval of the TSX Venture Exchange.
A holder of more than 10 % of the Common Shares of the Corporation, Belgravia Hartford Capital Inc., acquired 1,000,000 Units in the Offering, has thus raised his shareholding from
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.
For further information please contact:
Peter J. Cashin President and Chief Executive Officer Phone: +1 (514) 360-0571 Email: info@imperialmgp.com | CHF Capital Markets Iryna Zheliasko, Manager-Corporate Communications Phone: +1 (416) 868-1079 x229 Email: iryna@chfir.com |
Website: www.imperialmgp.com Twitter: @imperial_mining Facebook: Imperial Mining Group
Neither 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.
FAQ
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