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Imperial Metals announces C$60m rights offering

19th May 2021

By: Creamer Media Reporter

     

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Vancouver-based Imperial Metals has announced a C$60.2-million rights offering, the proceeds of which will be used to fund work at the Red Chris mine, in British Columbia, and to repay short-term debt.

Imperial will issue rights to subscribe for 12.85-million common shares at C$4.70 each. Insiders and their affiliates, including shareholder Murray Edwards, president Brian Kynoch and director Larry Moeller, represent 45.2% of the rights offering.

Imperial retained a 30% interest in the Red Chris mine, after Australian major Newcrest in 2019 acquired a 70% stake in the copper/gold mine. Newcrest earlier this year approved a C$135-million investment at Red Chris.

 

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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