iMetal Raises $602,000 In Fully Subscribed Private Placement of Flow-Through Shares

Rhea-AI Summary

iMetal Resources Inc. (OTC PINK: ADTFF) announced the completion of a non-brokered private placement raising $602,000. The company issued 2,150,000 flow-through shares at $0.28 each, with the proceeds directed towards advancing the Carheil Project in Quebec, near significant mining operations. Additionally, it paid $42,140 and issued 150,500 warrants exercisable at $0.35 until December 2024. All securities issued will have a holding period until May 1, 2023, in compliance with securities laws.

Positive

• Raised $602,000 through private placement for project development.
• Flow-through shares priced at $0.28 indicate strong investor interest.
• Funds will support the advancement of the promising Carheil Project located near existing mineral resources.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / January 3, 2023 / iMetal Resources Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V) ("iMetal" or the "Company") announces that it has closed a non-brokered private placement (the "Placement") for gross proceeds of $602,000. In connection with closing of the Placement, the Company issued 2,150,000 flow-through shares (each, an "FT Share") at a price of $0.28 per FT share. The FT Shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

In connection with completion of the Placement, the Company paid $42,140 and issued 150,500 common share purchase warrants (the "Warrants") to certain arms-length third parties including GloRes Securities Inc., who assisted by introducing the subscriber to the Company. The Warrants are exercisable at a price of $0.35 until December 30^th, 2024. All securities issued in connection with the Placement are subject to a statutory hold period until May 1^st, 2023 in accordance with applicable securities laws.

Proceeds from the Placement will be used for the development of the Company's 100% owned Carheil Project. The Carheil property is located in the Abitibi region of Quebec, is less than 15kms from Agnico Eagles Zone 58N gold zone and about 25 kilometres west of the former Selbaie Mine which historically produced 56.9 Mt grading 0.87% Cu, 1.85% Zn, 39 g/t Ag and 0.55 g/t Au (historical production). In December 2022 there was a discovery of a large copper-gold-silver-molybdenum system less than 1.5 kms from the Carheil boundary. "With new funding from our just closed financing, and the recent announcement by our neighbours, our team is excited to get to work at Carheil immediately," said Saf Dhillon, President & Chief Executive Officer.

About iMetal Resources Inc.

iMetal is a Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. One of its Flagship properties Gowganda West, is an exploration-stage gold project that borders the Juby Deposit and is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp. The 665-hectare Kerrs Gold deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with a 2011 historic resource, 90 kilometres ENE of Timmins. The 220-hectare Ghost Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and Holloway Mine.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon
President & CEO

iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street,
Vancouver, British Columbia, V6C 2V6.
https://imetalresources.ca

Neither the 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.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

SOURCE: iMetal Resources, Inc.

View source version on accesswire.com:
https://www.accesswire.com/733720/iMetal-Raises-602000-In-Fully-Subscribed-Private-Placement-of-Flow-Through-Shares

FAQ

What was the amount raised in iMetal's recent private placement?

iMetal Resources raised $602,000 through a private placement.

What is the ticker symbol for iMetal Resources on OTC markets?

The ticker symbol for iMetal Resources on OTC markets is ADTFF.

What project will the proceeds from the private placement be used for?

The proceeds from the private placement will be used for the Carheil Project in Quebec.

What was the price of the flow-through shares issued in the private placement?

The flow-through shares were issued at a price of $0.28 per share.

When is the holding period for the securities issued by iMetal?

The securities issued are subject to a holding period until May 1, 2023.