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iMetal Resources has announced a non-brokered private placement aiming to raise up to $2,000,000. Each unit will be priced at $0.10 and comprises one share and one warrant, while flow-through shares will be priced at $0.13. Proceeds will primarily fund exploration at the Gowganda West and Oakes Gold projects, both located in prolific gold belts in Canada. All issued securities will be subject to a four-month hold period and require TSXV approval.
iMetal Resources Inc. (OTC PINK:ADTFF) announced amendments to its Net Smelter Return (NSR) royalties for the Gowganda West, Mosher Lake, and Ghost Mountain properties. The amendments allow the company to buy back 50% of the NSR for $1,000,000 before production starts, reducing NSR from 3% to 1.5% and from 2% to 1%. This change aligns NSR with industry standards and enhances development potential for the Gowganda project. Property vendors accepted the new terms in exchange for a cash payment of $5,000 and 150,000 common shares each, pending regulatory approval.
iMetal Resources (OTC PINK: ADTFF) has announced the acquisition of gold projects including Oakes, Pichette, and Longrose in Ontario's Beardmore Geraldton Greenstone Belt. The projects span 5,410 hectares and highlight significant historic gold values, with Oakes showcasing channel samples of 31.9 g/t gold. iMetal will issue 8 million shares to Riverside Resources and pay a net smelter returns royalty. The closing of the transaction is subject to conditions, including an equity financing of at least $2.5 million.
iMetal Resources Inc. has appointed R. Timothy Henneberry as a director, effective immediately, while former directors Ruth Bezys and Mark Fedikow resign to focus on other projects, remaining in consulting roles for a year. Henneberry's extensive 40-year experience in geology is expected to enhance the company's project portfolio, particularly in identifying drilling targets. Additionally, Saf Dhillon has been named the new CEO and Johan Grandin has taken on the role of Vice-President of Business Development. The company continues to focus on the Gowganda West Project in Ontario.