iMetal Resources (TSX-V:IMR) is conducting a non-brokered private placement to raise up to C$5 million ($5.59 million) to further the company’s exploration strategy at its properties as well as potential acquisitions that are currently under review.
The company will offer up to 50 million units, consisting of one share and one transferable warrant, at a price of $0.10 per unit.
Warrant holders can purchase additional shares $0.20 for 24-months from the date of issue, subject to the volume weighted average price (VWAP) exceeding $0.50 over 10 consecutive trading sessions where the company can exercise its right to accelerate the expiry of warrants.
As reported by Mining.com.au, previous drilling at the company’s flagship Gowganda West Project returned 48.5m @ 0.85 grams per tonne gold from 316.5m, including 20m @ 1.56g/t and 8m @ 2.97g/t.
Sharing a border with Aris Mining’s (TSX:ARIS) Juby deposit, which hosts 800,000 of measured and indicated resources and 1.5 million ounces of inferred resources, iMetal intends to progress drilling at Gowganda West for its prospectiveness of gold mineralisation.
The company also wholly owns its Ghost Mountain property within the Destor-Porcupine Structure in Kirkland Lake, Ontario, and the Carheil Project, spanning 5,400 acres of contiguous land in Québec.
iMetal is a junior explorer focused on developing its portfolio of projects in Ontario and Québec.
Write to Maddison Elliott at Mining.com.au
Images: iStock
