Business
Imperial Metals Announces $16.8 Million Private Placement
VANCOUVER, British Columbia, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company” or “Imperial”) (TSX:III) is pleased to announce a non-
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company” or “Imperial”) (TSX:III) is pleased to announce a non-brokered private placement of up to 7,000,000 common shares of the Company (“Shares”) at a price of $2.40 per Share for gross proceeds of up to $16,800,000 (collectively, the “Private Placement”). The proceeds from the Private Placement are intended to be used to fund the operation and development at the Company’s Red Chris mine and for general working capital purposes. Closing of the Private Placement is anticipated to occur in stages with final closing on or about August 31, 2023 and is subject to certain conditions including, but not limited to, the receipt of all applicable regulatory approvals including approval of the Toronto Stock Exchange (the “TSX”). All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. N. Murray Edwards has agreed to purchase up to $8.40 million (up to 3,500,000 Shares) and directors and officers of the Company have agreed to purchase up to $1.10 million (up to 458,000 Shares). Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the Private Placement nor the consideration to be paid by the insiders will exceed 25% of the Company's market capitalization. The securities being offered under the Private Placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or under the applicable securities laws of any state in the United States (as defined in Regulation S under the U.S. Securities Act) and may not be offered or sold within the United States absent U.S. federal and state registration or an applicable exemp...