Imperial Metals launches $49.6m rights offering
Red Chris copper-gold mine in British Columbia Credit: Newcrest Mining.
British Columbia-focused base metals producer Imperial Metals (TSX: III) has announced a rights offering to raise C$60.2 million, ($49.6m) which it will use to fund its portion of work at the Red Chris copper-gold mine and repay debt.
Imperial will issue rights to subscribe for 12.85 million common shares at C$4.70 each.
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Insiders and their affiliates, including major shareholder and Alberta-based resource financier Murray Edwards, president Brian Kynoch and director Larry Moeller will subscribe for about 45.2% of the rights offering.
Imperial Metals launches $60.2M rights offering
Employees at the Red Chris project. Credit: Newcrest Mining.
British Columbia-focused base metals producer
Imperial Metals (TSX: III) has announced a rights offering to raise $60.2 million, (US$49.6 million) which it will use to fund its portion of work at the Red Chris copper-gold mine and repay debt.
Imperial will issue rights to subscribe for 12.85 million common shares at $4.70 each.
Insiders and their affiliates, including major shareholder and Alberta-based resource financier Murray Edwards, president Brian Kynoch and director Larry Moeller will subscribe for about 45.2% of the rights offering.
Imperial says it will use a portion of the cash raised to repay a short-term loan of $10 million (US$8.24 million) extended by Edwards in March.