iMetal Resources (TSX-V:IMR) has closed tranche one of a non-brokered private placement of C$1.52 million ($1.7 million) to fund further exploration across its projects, as well as potential new acquisitions.
Under the placement, 15.25 million new units were issued at C$0.10 per unit. Each unit comprises one common share and one transferable share purchase warrant.
Each warrant entitles the holder to purchase one additional share of iMetal at C$0.20 until 15 July 2027.
iMetal plans to complete tranche two of the offering for a combined C$5 million. The offering will be completed at a price of C$0.105 per unit.
iMetal Resources is a Canadian junior explorer focused on the discovery and development of its portfolio of resource projects in Ontario and Québec, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: iMetal Resources
