Imperial Metals has closed the previously announced private placement of common shares of the company. Due to strong demand, the company increased the financing from $55 million to $65 million. The company has issued 11,818,182 common shares at a price of $5.50 per share for gross proceeds of $65,000,001.
N. Murray Edwards and The Fairholme Partnership, LP, significant shareholders of the company, purchased $30.0 million (5,454,545 common shares) and $13.1 million (2,379,093 common shares), respectively. In addition, a director of the company purchased $1.5 million (272,727 common shares) of the Financing.
The company intends to use the proceeds of the financing to improve its working capital and for general corporate purposes.
Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company, through its subsidiaries, owns the Red Chris and Mount Polley copper|gold mines in British Columbia, and the Sterling gold mine in Nevada. Imperial also holds a 50% interest in Huckleberry Mines Ltd. and in the Ruddock Creek lead|zinc property, both in British Columbia.