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.