Imperial Mining Announces Closing of a $3,000,000 Private Placement of Shares
December 31 2021 - 7:30AM
Imperial Mining Group Ltd.
(
“Imperial”) (
TSX VENTURE: IPG; OTCQB:
IMPNF) is pleased to announce that it has closed today a
non-brokered private placement (“
Offering”) of
14,634,148 shares on a “flow-through” basis at a price of $0.205
per share (each, a “
Share”) for gross proceeds of
$3,000,000.34 or a 46.4% premium to IPG’s current share price.
“I am very pleased with the positive response
for this important flow-through private placement,” said Imperial
President & CEO, Peter Cashin. “This financing added important,
new high-net worth international investors into the Imperial Mining
fold. I believe 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.”
Imperial will use the proceeds of the Offering
to complete exploration drilling of the Corporation’s Crater Lake
scandium-rare earth mineralized targets, convert the existing TG
Zone inferred resource to Indicated category, optimize the recently
Patented metallurgical recovery flow sheet for the project and for
other corporate purposes. An 18-tonne bulk sample collected earlier
this summer will ultimately be used for input in a planned scandium
recovery pilot plant later in 2022.
The Shares were issued as part of a charity
flow-through arrangement. No commission or finders’ fee was paid by
the Corporation in connection with this Offering. The Offering is
between arm’s length parties and all securities issued pursuant to
the Offering are subject to the applicable statutory hold period of
four months and one 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.
For further information please
contact:
Peter J. CashinPresident and Chief Executive
OfficerPhone: +1 (514)
360-0571Email: info@imperialmgp.com |
CHF Capital Markets Cathy Hume, Chief Executive Officer
Phone: +1 (416) 868-1079 x251
Email: cathy@chfir.com |
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.
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