iMetal Resources Closes First Tranche of Private Placement

Core Points - iMetal Resources Inc. has closed the first tranche of its non-brokered private placement, raising gross proceeds of $1,525,330 by issuing 15,253,300 units at a price of $0.10 per unit [1][2] - Each unit consists of one common share and one transferable share purchase warrant, allowing the purchase of an additional share at $0.20 until July 15, 2027 [2] - The company plans to use the net proceeds for exploration, potential acquisitions, and general working capital [3] Financial Details - The company paid finders' fees of $74,153 and issued 741,531 non-transferable share purchase warrants to third parties who assisted in the offering [3] - Insiders participated in the offering, acquiring 1,500,000 units, which is classified as a related party transaction [4] - A further tranche of the offering is planned for combined gross proceeds of up to $5,000,000, with the remaining units priced at $0.105 each [5] Incentives and Future Plans - The company granted 1,500,000 incentive stock options and 1,000,000 restricted share units to directors, officers, and consultants [6] - The flagship property, Gowganda West, has a recent discovery hole of 48.5m at 0.85 g/t gold, located in the Abitibi Greenstone Gold Belt [7] - The company is focused on the exploration and development of resource properties in Ontario and Quebec [7]