MONTREAL, Dec. 31, 2018 /CNW/ - Imperial Mining
Group Ltd. ("Imperial" or the "Corporation")
(TSX VENTURE: IPG) is pleased to announce that, further to
its press release dated December 20,
2018, today it closed the second and final tranche (the
"Final Tranche") of its previously announced non-brokered
private placement (the "Offering"). The Final Tranche
resulted in the Corporation issuing 1,959,443 additional common
shares (each a "Share") in the capital of the Corporation,
issued on a "flow-though" basis, at a price of $0.09 per Share, for total cumulative gross
proceeds of $986,700.
Mr. Peter Cashin, President and
CEO of Imperial, commented, "We are very pleased by the level of
interest that we received from the market for this new issue,
considering the challenges that junior exploration has had in
raising equity capital in 2018. The proceeds from this financing
will allow us to diamond drill our Crater Lake scandium project to
resource definition and to allow us to test high-potential targets
on our Opawica Gold project, both in Quebec."
Proceeds of this Offering will be used to further finance the
Corporation's prospecting, drilling and other exploration and
development expenses and activities, which qualify as eligible
Canadian exploration expenses, as defined under the Income Tax Act
(Canada) ("Qualifying
Expenditures"), on or before December 31, 2019. The
Corporation will renounce the Qualifying Expenditures to investors
with an effective date of no later than December 31, 2018.
In connection with the Final Tranche, the Corporation paid
finders' fees totalling $7,024 and
issued 78,050 Share purchase warrants of the Corporation, each
entitling to acquire one (1) Share until June 30, 2020 at an exercise price of
$0.11 per Share, for total cumulative
finders' fees of $67,524 and
500,273 Share purchase warrants of the Corporation.
All securities issued pursuant to the Final Tranche are subject
to the applicable statutory hold period ending May 1, 2019. The Offering is subject to the final
approval of the TSX Venture Exchange.
Mr. Martin Nicoletti, CFO and
Secretary of the Corporation, through Corporation Financière SKTM
Ltée, acquired Shares in the Offering and such transaction is
considered to be a "related party transactions" as defined under
Multilateral Instrument 61-101 ("MI 61-101"). The
transaction is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of any Shares issued to or the consideration paid
exceeded 25% of the Corporation's market capitalization.
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a new Canadian mineral exploration and
development company focussed on the advancement of its copper-zinc,
gold and technology metals properties in Québec. Imperial is
publicly listed on the TSX Venture Exchange as "IPG" 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.
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.
SOURCE Imperial Mining Group Ltd.