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iMetal Resources (TSXV:IMR) announced a non-brokered private placement

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The company is looking to raise gross proceeds of up to $2,750,000 from the placement of up to 25 million units priced at $0.11 per unit. The units consist of 1 share and 1 warrant, with each full warrant exercisable at $0.20 for 24 months.

Additional Information:

Company: iMetal Resources
Website: http://www.iMetalResources.ca
Stock Symbol: TSXV: IMR
Date Published: Aug 27, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

iMetal Resources has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $2,750,000 from the placement of up to 25 million units priced at $0.11 per unit.

The units consist of 1 share and 1 warrant, with each full warrant exercisable at $0.20 for 24 months.

These units are being offered on a post-consolidation basis, as the company is currently consolidating its shares on a 1 new for 5 old basis.

Following the consolidation, the company will have approximately 23.7 million shares outstanding.

The shares are currently trading at $0.035 pre-consolidation.

The company intents to use the proceeds to finance a drill program at its flagship Gowganda West property.

The company holds a 100% interest in the 145 square kilometer Gowganda West property, located 17 kilometers west south-west of Gowganda and 90 kilometers south-west of Kirkland Lake, Ontario.

The property can be accessed year-round by paved highway 560 from Gowganda and via maintained gravel and newly built forest roads and 4WD logging roads that trend south from Highway 560.

Exploration work to date has identified numerous shallow structurally controlled polymetallic gold vein systems associated with extensive hydrothermal alteration.

iMetal has a field crew on the property, conducting prospecting and sampling with a focus on defining and extending exploration targets in close proximity and on the strike with the Juby gold system controlled by Caldas Gold Corp.(TSXV: CGC).

The company recently appointed Saf Dhillon, a director of the company since December 2018, as the new President.

Saf Dhillon, President, stated: “I think it is important for the company to be structurally and financially sound as we further develop the Gowganda West project. We’re especially excited as it resembles the highly prolific geology of both the Kirkland Lake and Timmins Gold camp.”

Johan Grandin, CEO, added: “We are very excited and pleased to have Mr. Dhillon’s increased involvement in the Company. I look forward to working more closely with him to develop our portfolio of projects.”

For more information on the company’s other properties, please visit the company’s website at www.iMetalResources.ca, contact Johan Grandin, CEO, at 604-739-9713 or by email at jgrandin@iMetalResources.ca.

I’m Cassandra Bolinski for Investmentpitch Media