Imperial Mining Group Ltd. Announces Closing of Oversubscribed Private Placement of Shares
![Imperial Mining Group Ltd. Announces Closing of Oversubscribed Private Placement of Shares](https://www.goldseiten.de/media/goldseiten-news.jpg)
The Corporation was able to raise a total of $2,579,604.16 in the Offering, $2,158,604.16 in shares and $421,000.00 in Units.
The Corporation will use the proceeds of the Offering to complete definition drilling of the Corporation’s Crater Lake TG Zone scandium-rare earth target and to deliver both a 43-101 Resource Report and a Preliminary Economic Assessment (PEA) by the end of H1 2021 and for other corporate purposes.
“I am very pleased of the positive response that the market has shown for our private placement,” said Imperial President & CEO, Peter Cashin. “The financing was oversubscribed, and we believe that it was motivated by the recent significant announcements in the critical metal space, in particular for scandium and the rare earths. The recognition by manufacturers in the automotive, aerospace, and defense sectors that scandium-modified aluminum alloy materials will become critical inputs into their platforms is an important development. This is particularly so, given the strength of Quebec’s aluminum industry, that scandium-aluminum alloys will become an important value-added product for the province’s aluminum industry.”
In connection with the Offering, the Corporation paid to finders, which are all at arms’ length with the Corporation, finders’ fees for a total of $95,898.28 in cash and issued 890,073 warrants, with each warrant entitling the holder to acquire one (1) Share of the Corporation at a price of $0.12 over a period of 24-months from the closing date.
All securities issued pursuant to the Offering are subject to the applicable statutory hold period of four months and one day from the closing. The Offering is subject to the final approval of the TSX Venture Exchange.
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 Qu?bec. 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 Phone: +1 (514) 360-0571 Email: info@imperialmgp.com | CHF Capital Markets Iryna Zheliasko, Manager-Corporate Communications Phone: +1 (416) 868-1079 x229 Email: iryna@chfir.com |
Website: www.imperialmgp.com Twitter: @imperial_mining Facebook: Imperial Mining Group
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.