MONTREAL, May 17, 2019 /CNW/ - Imperial Mining Group
Ltd. ("Imperial" or the "Corporation") (TSX
VENTURE: IPG) is pleased to announce that it has closed the
first tranche of 1,750,000 units (each a "Unit") and
2,711,112 common shares (each a "FT Share") issued on
a "flow-though" basis in the capital of the Corporation of a
non-brokered private placement (the "Offering") for gross
proceeds of $384,000. This tranche is
part of a total Offering of up to 15,000,000 Units at a price of
$0.08 per Unit and 10,000,000 FT
Share at a price of $0.09 per share.
Each Unit is comprised of one (1) common share (each a
"Share") and one Share purchase warrant, with each whole
warrant entitling the holder to acquire one (1) Share of the
Corporation at a price of $0.11 for
period of 24 months.
The Corporation will use the proceeds of the Offering for
exploration work on its properties ad other corporate purposes.
In connection with this first tranche of the Offering, the
Corporation paid finders' fees totalling $14,000 cash and issued 155,556 Share purchase
warrants of the Corporation, each entitling to acquire one (1)
Share until November 17, 2020 at an
exercise price of $0.11 per
Share.
All securities issued pursuant to this tranche of the Offering
are subject to the applicable statutory hold period ending
June 24, 2019. The Offering is
subject to the final approval of the TSX Venture
Exchange.
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a new Canadian mineral exploration and
development company focussed on the advancement of its copper-zinc,
gold and technology metals properties in Québec. Imperial is
publicly listed on the TSX Venture Exchange as "IPG" and is led
by an experienced team of mineral exploration and development
professionals with a strong track record of mineral deposit
discovery in numerous metal commodities.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Imperial Mining Group Ltd.