- Imperial Mining (IPG) has closed a private placement that will be used to advance its Crater Lake property
- The non-brokered private placement consists of 14,634,148 flow-through shares at $0.205 each for gross proceeds of $3 million
- The proceeds will be used to complete the exploration drilling at Crater Lake’s scandium targets and for other development activities
- Imperial Mining is a Canadian mineral exploration and development company focused technology metals projects in Québec
- Imperial Mining Group (IPG) opened trading at $0.14 per share
Imperial Mining (IPG) has closed a private placement that will be used to advance its Crater Lake property.
The non-brokered private placement consists of 14,634,148 flow-through shares at $0.205 each for gross proceeds of $3 million, representing a 46.4 per cent premium to the company’s current share price.
The shares, issued as part of a charity flow-through arrangement, were issued to arms-length parties and no commission or finders’ fees were paid in connection with the transaction.
“I am very pleased with the positive response for this important flow-through private placement,” said Imperial’s president and CEO Peter Cashin. “This financing added important, new high-net-worth international investors into the Imperial Mining fold.
“I believe,” added Mr. Cashin, “that our successful financings and recent awarding of Government-sponsored R&D grants shows a greater recognition of the potential that scandium has as a significant Canadian industrial development.”
The proceeds will be used to complete the exploration drilling at Crater Lake’s scandium targets, update the resource estimate for the TG zone, and optimize the company’s patented metallurgical recovery flow sheet.
Located in Québec, Crater Lake is one of the company’s three main projects in the province. The company owns two gold projects in southwestern Québec: Opawica and La Ronciere.
Exploration at Crater Lake earlier this year collected an 18-tonne bulk sample that will ultimately be used in a scandium recovery pilot plant planned for later in 2022.
Imperial Mining is a Canadian mineral exploration and development company focused on advancing its technology metals projects in Québec.
Imperial Mining Group (IPG) opened trading at $0.14 per share.