iMetal Resources (TSX-V:IMR) is conducting a non-brokered private placement to raise C$1.53 million ($1.69 million), after signing a non-binding letter of intent to acquire the Cemernica Mine in Bosnia.
Under the placement, 15.35 million shares at C$0.10, as well as $15.35 million warrants, which will comprise one share and one transferable share purchase warrant exercisable at C$0.20 within a two-year period.
As previously reported, iMetal signed the deal to acquire Cemernica which hosts a historical estimate of 305,000 tonnes @ 4.05% antimony, 6% zinc, and 112 grams per tonne silver.
The company says a program of verification underground sampling and diamond drilling is required to bring the historical estimate to a current mineral resource.
iMetal Resources is a Canada-based junior mineral explorer focused on discovering and developing its resource portfolio of projects in Ontario and Québec, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: iMetal Resources
