Imperial Metals launches $55m equity financing
VANCOUVER (miningweekly.com) – British Columbia-based miner, project developer and explorer Imperial Metals has announced a private placement of up to ten-million common shares at $5.50 each.
The TSX-listed company said Thursday it will use the funds to bolster its working capital and for general corporate purposes.
Imperial’s significant shareholders and a director have indicated that they intend to subscribe for a minimum of $42-million, or 7.64-million shares, of the financing. The company has allowed for an overallotment option for up to another $13-million, or 2.36-million shares, of the financing.
Canadian oil sands financier N Murray Edwards is the controlling shareholder, with a 36.2% interest. Fairholme Capital Management owns a 23.6% interest while directors and management account for about 5.5% of the company’s shareholding.
The financing is expected to close before year-end, subject to regulatory and stock exchange approvals.
Imperial owns the Red Chris and Mount Polley base metals mines, and a 50% interest in the Huckleberry mine and the Ruddock Creek property, all located in British Columbia.
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