iMetal Announces Closing of Initial Tranche of Equity Financing

About this update from Imetal Resources Inc.

[{"type":"text","content":"iMetal Announces Closing of Initial Tranche of Equity FinancingVANCOUVER, BC / ACCESSWIRE / June 1, 2021 / iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) (\"iMetal\" or the \"Company\") is pleased to announce that it has closed an initial tranche of its previously announced non-brokered private placement (the \"Private Placement\") of units (each, a \"Unit\") and FT shares (each, a \"FT Share\"). In connection with the closing of this tranche of the Private Placement the Company issued 7,700,000 Units at an issue price of $0.10 per Unit and 577,000 FT Shares at an issue price of $0.13 per FT Share for aggregate gross process of $845,010.00.Units consist of one common share in the capital of the Company (a \"Share\") and one transferable share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Share at an exercise price of $0.20 for a period of 24 months following the closing date of the Private Placement. FT Shares will qualify as a \"flow-through share\" within the meaning of subsection 66(15) of the Income Tax Act (Canada).The Company intends to use net proceeds from the sale of Units and FT Shares towards exploration activities at the Company's Gowganda West property that is located in the Abitibi Greenstone Gold Belt and exploration activities at the Company's Oakes Gold Project that is located in the Beardmore-Geraldton Greenstone Belt. Net proceeds from the sale of Units will also be used for general working capital.All securities issued under the Private Placement are subject to a four month and a day hold period expiring October 1, 2021. Closing of the Private Placement is expected to be completed in tranches and subject to final approval of the TSX Venture Exchange (the \"TSXV\").The Company paid cash finder's fees of $53,730 and issued 525,900 Warrants to finders in connection with the closing of this tranche of the Private Placement.About iMetal Resources, Inc.A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp. G...

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