Imperial Metals Corporation (TSX:III) is pleased to announce that further to its news release dated August 5, 2022, the Company has closed its non-brokered private placement of unsecured convertible debentures with an aggregate principal amount of $47 million, up from the $45 million previously announced.
Each $3.20 of the principal amount of the Convertible Debentures is convertible into one common share of the Company. The Convertible Debentures are not callable unless the closing price of the Company’s common shares exceeds 140% of the conversion price for at least 30 consecutive days. Interest at 8% per annum will be payable semi-annually with the first payment due on February 28, 2023. The Convertible Debentures mature on August 30, 2027.
A maximum of 14,687,500 common shares will be issued if all of the Convertible Debentures are converted into common shares of the Company.
The proceeds from the Private Placement are intended to be used for general working capital purposes.
The securities being offered under the Private Placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or under state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Shareholdings of N. Murray Edwards
Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.
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We acknowledge the [financial] support of the Government of Canada.