2017-12-14 16:49 ET – News Release

Mr. Brian Fagan reports:

iMetal Resources Inc. has closed 6,944,950 units for gross proceeds of $416,697 of a 15-million-unit non-brokered private placement previously announced on Dec. 7, 2017. The balance of the 15-million-unit placement have been cancelled.

The units were sold at a price of six cents per unit. Each unit consists of one common share and a non-transferable purchase warrant exercisable at a price of 10 cents per share for a period of 24 months from TSX Venture Exchange approval of the financing.

The warrants are subject to an accelerated expiry if the closing price of the company’s common shares on the TSX-V exceeds 20 cents for any 10 consecutive days, in which event the holder will be given notice, at the discretion of the board of directors of the issuer, that the warrants will expire 30 days following the date of such notice. The warrants may be exercised by the holder during the 30-day period and the expiration of the warrants.

All securities issued under the private placement are subject to a mandatory resale hold period of four months plus one day following exchange approval of the closing of the financing. The company will pay finders’ fees totalling $20,050 and 290,000 finder warrants exercisable at 10 cents per share for two years.

Insiders of the issuer subscribed for 1.4 million units of the placement.

This transaction is subject to final acceptance by the TSX-V.


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