Imperial Closes Oversubscribed Rights Offering
December 22 2017 - 10:56PM
Imperial Metals Corporation (the “Company”)
(TSX:III) is pleased to announce the successful completion of its
rights offering, which expired at 2:00 p.m. (Pacific Time)
today. The Company issued a total of 19,080,978 common shares
in the rights offering for gross proceeds of approximately
$42.9
million.
The Company issued a total of 16,119,049 common
shares under basic subscription privileges in the rights offering
and a total of 2,961,929 common shares under additional
subscription privileges. To the knowledge of the
Company, no person will become an insider as a result of the rights
offering. The total number of issued and outstanding common
shares of the Company upon completion of the rights offering is
114,505,472.
Since all of the shares available in the rights
offering were subscribed for by holders of rights, no additional
shares were required to be issued pursuant to the Company’s Standby
Guarantee Agreement with N. Murray Edwards (“Edwards”) and East
Lane LLC (“East Lane”), whose investments are managed by Fairholme
Capital Management, LLC.
The proceeds of the rights offering will be used
as set out in the Company’s rights offering circular dated November
20, 2017, including the payment of fees to Edwards and East Lane in
accordance with the Standby Guarantee Agreement.
This news release does not constitute an offer
for sale or the solicitation of an offer to buy any securities in
the United States. The securities regarding the Standby Guarantee
Agreement referenced herein have not been registered under the
Unites States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States
absent such registration or an applicable exemption from such
registration requirements. The Company registered the offer
and sale of the shares issuable on exercise of the rights on a Form
F-7 registration statement (File No. 333-221700) under the U.S.
Securities Act of 1933, as amended, a copy of which can be found at
www.sec.gov and may also be obtained by contacting the Chief
Financial Officer at 604.488.2666 or by email at
adeepwell@imperialmetals.com.
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About Imperial Imperial is an
exploration, mine development and operating company based in
Vancouver, British Columbia. The Company, through its
subsidiaries, owns the Mount Polley copper/gold mine in British
Columbia the Red Chris copper/gold mine in northern British
Columbia, and the Huckleberry copper mine located near
Houston, British Columbia.
Imperial Contact Information Brian
Kynoch | President | 604.669.8959
Andre Deepwell | Chief Financial Officer
| 604.488.2666 Gordon Keevil |
Vice President Corporate Development |
604.488.2677 Sabine Goetz | Shareholder
Communications | 604.488.2657 |
investor@imperialmetals.com
Forward-Looking Information and Risks
Notice
Forward-looking statements relate to future
events or future performance and reflect Company management's
expectations or beliefs regarding future events and include, but
are not limited to, specific statements regarding the rights
offering, the stand-by commitment of Edwards and East Lane and the
intended use of proceeds raised under the rights offering. In
certain cases, forward-looking statements can be identified by the
use of words such as “plans”, “expects” or “does not expect”, “is
expected”, “outlook”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved” or the
negative of these terms or comparable terminology. In this document
certain forward-looking statements are identified by words
including “guidance”, “expectations”, “targeted”, “plan”,
“planned”, “estimated”, “calls for” and “expected”.
Forward-looking information is not based on historical facts,
but rather on then current expectations, beliefs, assumptions,
estimates and forecasts about the business and the industry and
markets in which Imperial operates, including assumptions that the
rights offering will provide sufficient liquidity to support the
Company’s intended use of the proceeds therefrom. Such statements
are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations. We can give no
assurance that the forward-looking information will prove to be
accurate.
By their very nature forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others,
risks that the rights offering will not provide the expected
liquidity or benefits to the Company’s business or operations;
risks that required consents and approvals will not be received in
order to advance or complete the rights offering; operational risks
and hazards, including unanticipated environmental, industrial and
geological events and developments and the inability to insure
against all risks; risks of failure of plant, equipment, processes,
transportation and other infrastructure to operate as anticipated;
and other risks of the mining industry as well as those factors
detailed from time to time in the Company's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward
looking statements.
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