Imperial Mining Announces Closing of Second and Final Tranche of a Private Placement of Units and Flow-Through Shares
February 13 2023 - 5:46PM
Imperial Mining Group Ltd.
(“
Imperialˮ or the “
Corporation”)
(
TSX VENTURE: IPG) is pleased to announce that it
closed today the second and last tranche of a non-brokered private
placement (the “
Offering”) consisting of 2,991,155
units (each, a “
Unit”) at a price of $0.09 per
Unit for total gross proceeds of $269,204. Each Unit is comprised
of one (1) common share (each a “
Share”) and half
(1/2) of a Share purchase warrant, with each whole warrant
entitling the holder to acquire one (1) additional Share of the
Corporation at a price of $0.14 over a period of 24 months from the
closing date.
The Corporation was thus able to raise a total
of $710,982.08 in the Offering with both tranches.
The Corporation will use the proceeds of the
Offering to complete exploration drilling on the Southern Lobe of
the Corporation’s Crater Lake scandium-rare earth zone above the
-100 m vertical level of the TG Zone, complete optimization work on
the process flow sheet and other corporate purposes.
“I am very pleased with the investor reception
in connection with this offering,” said Imperial President &
CEO, Peter Cashin. “The recent positive developments in the growth
potential of the scandium market as a critical element in
high-strength aluminum alloys has been supportive. We remain
confident our views on the commodity’s critical importance for the
aerospace, automotive and defense sectors moving forward.”
In connection with this second and last tranche
of the Offering, no commission or finders’ fee was paid by the
Corporation. All securities issued pursuant to the Offering are
subject to the applicable statutory hold period of four (4) months
and one (1) 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 Canadian mineral exploration and
development company focused on the advancement of its technology
metals projects in Québec. Imperial is publicly listed on the TSX
Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” 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.
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.
For further information please contact:
Peter J. Cashin
President and Chief Executive Officer
Phone: +1 (514) 360-0571
Email: info@imperialmgp.com
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