- iMetal Resources (OTCQB: IMRFF) closes first tranche of private placement, raising $1.525 million.
- The company plans to complete a second tranche to reach a total target of $5 million.
- Funds will be directed towards exploration, acquisitions, and working capital needs.
iMetal Resources Inc. (OTCQB: IMRFF) has successfully closed the first tranche of its non-brokered private placement, securing $1,525,330 through the issuance of 15,253,300 units at $0.10 per unit. Each unit includes one common share and one transferable warrant with the potential to purchase an additional share at $0.20 until July 15, 2027. The warrant's expiry can be accelerated if the share price goes beyond $0.50 for 10 consecutive trading days.
The company aims to raise up to $5 million in total through a second tranche, which will be priced at $0.105 per unit. Proceeds from the offering will be utilized to fund ongoing exploration activities, potential acquisitions, and general working capital. The first tranche saw insider participation through purchasing 1.5 million units, with finders' fees totaling $74,153 and 741,531 warrants issued to third parties involved in the placement.
In addition to the private placement, iMetal has issued 1.5 million incentive stock options, exercisable at $0.14 until July 16, 2030, and 1 million restricted share units to directors, officers, and consultants, set to vest by July 16, 2026.
