- Imperial Mining (IPG) has closed a private placement for total gross proceeds of $710,982.08
- Under the final tranche, the company issued 2,991,155 units at a price of $0.09 per unit for proceeds of $269,204
- Net proceeds will be used to complete exploration drilling on the corporation’s Crater Lake scandium-rare earth zone
- Imperial is a Canadian mineral exploration and development company focused on advancing its projects in Québec
- Imperial Mining Group (IPG) opened trading at C$0.09
Imperial Mining (IPG) has closed a private placement for total gross proceeds of $710,982.08.
Under the final tranche, the company issued 2,991,155 units at a price of $0.09 per unit for proceeds of $269,204. Each unit consists of one common share and half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share at a price of $0.14 for two years from the closing date.
Net proceeds will be used 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 have been supportive. We remain confident in our views on the commodity’s critical importance for the aerospace, automotive and defence sectors moving forward.”
All securities issued are subject to a four-month statutory hold period. The offering is subject to the final approval of the TSX Venture Exchange.
Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec.
Imperial Mining Group (IPG) opened trading at C$0.09.
