Vancouver-based Imperial Metals has announced a nonbrokered private placement of up to seven-million shares at C$2.40 each to raise C$16.8-million.
The proceeds from the placement will be used to fund the operation and development at the Red Chris mine, in which it owns 30%, and for general working capital purposes.
Besides its shareholding in Red Chris, Imperial also owns the Mount Polley mine. The Toronto-listed company earlier this week reported diamond drill results from the final five holes of the second phase of the Mount Polley 2023 exploration programme, including a notable interval of 230.1 m, grading 0.31% copper and 0.50 g/t gold, starting from a depth of 7.4 m.
The second phase of drilling was completed in June to follow up on the significant results obtained in the first phase of drilling. Both phases were conducted in an underexplored area between the Springer and Cariboo mineralised zones.
“There continues to be opportunity to expand the Springer mineralisation, especially at depth, and a follow-up programme will be designed to further test the Springer zone. The results of this year’s drilling will be integrated into the block model and the life-of-mine plan for Mount Polley will be updated,” comments president Brian Kynoch.