Imperial Mining Announces Closing of an Additional $300,000 Private Placement of Flow-Through Shares
30 December 2022 - 9:43AM
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
2,000,000 shares on a “flow-through” basis at a price of $0.15 per
share (each, a “
Share”) for gross proceeds of
$300,000.
“I am very thankful of the continued financial
support we have received from WCPD to advance the development of
the Crater Lake scandium-rare earth project,” 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 continued
application for Quebec and Canadian Government-sponsored R&D
grants shows recognition of the potential that scandium has as a
significant Canadian industrial development.”
The Corporation will use the proceeds of the
Offering 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 and to complete process flow
sheet optimization and other corporate purposes.
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.
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.
For further information please contact:
Peter J. Cashin
President and Chief Executive Officer
Phone: +1 (514) 360-0571
Email: info@imperialmgp.com
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