- iMetal Resources (IMR) has raised gross proceeds of $602,000 through a non-brokered private placement
- It will use the proceeds to further development of its 100-per-cent owned Carheil Graphite Project in the Abitibi region of Quebec
- Drilling by iMetal in 2016 yielded small to jumbo graphite flakes grading 1.67 per cent Cg over 4.67 m from 144.56-149.23 m
- iMetal is a junior resource exploration and development company focused on properties in Ontario and Quebec
- iMetal Resources (IMR) is up by 2.22 per cent, trading at $0.23 per share
iMetal Resources (IMR) has raised gross proceeds of $602,000 through a non-brokered private placement.
The company issued 2,150,000 flow-through shares priced at $0.28 each for the fully subscribed offering. The shares will qualify as flow-through shares as defined in the Income Tax Act (Canada).
It will use the proceeds to further development of its 100-per-cent owned Carheil Graphite Project in the Abitibi region of Quebec. Drilling by iMetal in 2016 yielded small to jumbo graphite flakes grading 1.67 per cent Cg over 4.67 m from 144.56-149.23 m. Jumbo-sized flakes occurred in a 1.1 m sample grading 7.48 per cent Cg.
Carheil is less than 15 km from Agnico Eagle’s Zone 58N gold zone and 25 km west of the former Selbaie Mine, which historically produced 56.9 Mt grading 0.87 per cent Cu, 1.85 per cent Zn, 39 g/t Ag and 0.55 g/t Au.
Last month, a large copper-gold-silver-molybdenum system was discovered less than 1.5 km from the Carheil boundary.
“With new funding from our just closed financing, and the recent announcement by our neighbours, our team is excited to get to work at Carheil immediately,” stated Saf Dhillon, iMetal’s President and CEO.
iMetal is a junior resource exploration and development company focused on properties in Ontario and Quebec. One of its flagship properties, Gowganda West, is an exploration-stage gold project bordering the Juby Deposit in the Abitibi Greenstone Gold Belt about 100 km from the Timmins Gold Camp.
iMetal Resources (IMR) is up by 2.22 per cent, trading at $0.23 per share as of 10:14 am ET.
