Canadian explorer iMetal Resources (TSX-V:IMR) has raised C$1.2 million ($1.33 million) through a non-brokered private placement to further exploration across its Ontario and Québec projects.
The company issued 10.72 million units at an issue price of C$0.11 per unit, which comprises one share and one transferable price warrant.
Each warrant allows the holder to acquire an additional share at C$0.20 per share to expire 29 August 2027.
iMetal will have the right to expire warrants if share trading exceeds $0.50 for a minimum 10 consecutive trading days.
While furthering exploration activities across its portfolio, iMetal also intends to use funds for potential new acquisitions.
The company will also grant 1 million stock options to eligible directors, officers, and consultants, vesting at C$0.22 per option until 4 September 2030.
iMetal is a junior explorer focused on developing its portfolio of assets in Ontario and Québec, Canada.
Write to Maddison Elliott at Mining.com.au
Images: iMetal Resources
