Imperial Mining Announces Closing of an Additional $300,000 Private Placement of Flow-Through Shares
Imperial Mining Group Ltd. (IMPNF) has successfully closed a non-brokered private placement, issuing 2,000,000 flow-through shares at $0.15 each, garnering gross proceeds of $300,000. These funds will be allocated towards exploration drilling at the Crater Lake scandium-rare earth project and process optimization. The financing has attracted high-net-worth international investors, with further applications for government-sponsored R&D grants highlighting the project's potential. The Offering awaits final approval from the TSX Venture Exchange.
- Successfully closed a private placement raising $300,000.
- Attracted new high-net worth international investors.
- Funds will be used for exploration and optimization of the Crater Lake project.
- None.
MONTREAL, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (“Imperial”) (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has closed today a non-brokered private placement (“Offering”) of 2,000,000 shares on a “flow-through” basis at a price of
“I am very thankful of the continued financial support we have received from WCPD to advance the development of the Crater Lake scandium-rare earth project,” said Imperial President & CEO, Peter Cashin. “This financing added important, new high-net worth international investors into the Imperial Mining fold. I believe that our successful financings and continued application for Quebec and Canadian Government-sponsored R&D grants shows recognition of the potential that scandium has as a significant Canadian industrial development.”
The Corporation will use the proceeds of the Offering to complete exploration drilling on the Southern Lobe of the Corporation’s Crater Lake scandium-rare earth zone above the -100 m vertical level of the TG Zone and to complete process flow sheet optimization and other corporate purposes.
The Shares were issued as part of a charity flow-through arrangement. No commission or finders’ fee was paid by the Corporation in connection with this Offering. The Offering is between arm’s length parties and all securities issued pursuant to the Offering are subject to the applicable statutory hold period of four months and one day from the closing. The Offering is subject to the final approval of the TSX Venture Exchange.
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.
| 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
What is the recent financing announced by Imperial Mining Group Ltd. on December 29, 2022?
How will Imperial Mining Group Ltd. utilize the $300,000 raised from the private placement?
Who are the new investors involved in Imperial Mining Group Ltd.'s recent funding round?
What does the term 'flow-through' mean in the context of Imperial Mining Group Ltd.'s private placement?
Is the private placement by Imperial Mining Group Ltd. subject to TSX Venture Exchange approval?
