VANCOUVER, British Columbia – November 18th, 2020 – iMetal Resources Inc. (TSX.V: IMR) (OTCBB: ADTFF) (FRANKFURT: A7V2) (“iMetal” or the “Company”) is pleased to announce that it has closed a final tranche of its non-brokered private placement through the issuance of 1,525,909 units (each, a “Unit”) at a price of $0.11 per Unit. When combined with the earlier tranche of the placement, the Company has raised gross proceeds of $1,958,790. Each “Unit” consists of one common share of the Company, and one common share purchase warrant (each, a “Warrant”) exercisable to acquire an additional common share of the Company at a price of $0.20 until November 18, 2022.
The Company anticipates utilizing the proceeds of the placement to finance a drill program at its flagship Gowganda West property, and for general working capital purposes.
No finders’ fees or commissions were paid in connection with completion of the final tranche of the placement. All securities issued in connection with completion of the final tranche of the placement are subject to a statutory hold period until March 19, 2021 in accordance with applicable securities laws.
Debt Settlement Transaction
The Company also announces that it has reached an agreement with an arms-length creditor pursuant to which it will settle (the “Settlement”) outstanding indebtedness totaling $21,470 through the issuance of 195,182 Units. Completion of the Settlement remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the Settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Incentive Stock Option Grant
The Company has granted 2,650,000 incentive stock options (the “Options”) to certain directors, officers and consultants, in accordance with the terms of the Company’s incentive stock option plan. The Options vest immediately and are exercisable to acquire common shares of the Company at price of $0.14 until November 18, 2025.
ON BEHALF OF THE BOARD OF DIRECTORS,
iMetal Resources Inc.
Suite 510, 580 Hornby Street,
Vancouver, British Columbia, V6C 3B6