Imperial Mining Announces Closing of $1.11 Million Private Placement
TSX VENTURE: IPG
MONTREAL, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial" or the “Corporation”) (TSX VENTURE: IPG) is pleased to announce that it closed a non-brokered private placement today (the “Offering”) of 3,480,667 shares on a “flow-though” basis at a prices of $0.075 per share and 14,134,999 units (each, a “Unit”) at a price of $0.06 per Unit for gross proceeds $1,109,149.97. Each Unit is comprised of one (1) common share (each a “Share”) and one Share purchase warrant, with each warrant entitling the holder to acquire one (1) additional Share of the Corporation at a price of $0.11 for period of 36 months.
The Corporation will use the proceeds of the Offering for exploration work on its properties and other corporate purposes. The money will specifically be applied to completion of the preliminary metallurgical testing of Crater Lake scandium-rare earth bulk sample and surface and diamond drill evaluation of the Central Gold Zone on the Opawica Project.
In connection with the Offering, the Corporation paid a total of $30,007 finders’ fees and issued 446,783 Share purchase warrants of the Corporation, each entitling to acquire one (1) Share until September 10, 2021 at an exercise price of $0.11 per Share.
All securities issued pursuant to the Offering are subject to the applicable statutory hold period ending January 11, 2020. The Offering is subject to the final approval of the TSX Venture Exchange.
Mr. Peter Cashin, President and CEO of the Corporation, through Peak Mining Corporation, acquired Shares in the Offering and such transaction is considered to be a “related party transactions” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Shares issued to or the consideration paid exceeded 25% of the Corporation's market capitalization.
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a new Canadian mineral exploration and development company focussed on the advancement of its copper-zinc, gold and technology metals properties in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” 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.
For further information please contact:
Peter J. Cashin
President and Chief Executive Officer
Tel: +1 (514) 360-0571
This press release may contain forward-looking statements relating to the Company’s operations or to its business environment. Such statements are based on the Company’s operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. Several factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings. Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise. Investors are cautioned that this press release contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.
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.