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.
Newcrest Mining Limited - Quarterly Exploration Report for the Three Months Ended 31 March 2021
Highlights
At Red Chris, drilling continues to expand the higher grade mineralisation intersected at East Ridge and at Main Zone:
At East Ridge, drilling continues to demonstrate the continuity of higher grade mineralisation with RC684, returning a partial intercept of 238m @ 0.45g/t Au & 0.52% Cu from 814m, incl. 90m
@ 0.85g/t Au & 0.85% Cu from 962m. This hole is 100m down dip from RC678^^ which returned 198m @ 0.89g/t Au & 0.83% Cu from 800m, including 76m @ 1.8g/t Au and 1.5% Cu from 908m.
East Ridge is located 300m east of the East Zone (outside of Newcrest s Red Chris Mineral Resource estimate) with mineralisation open in all directions.
Highlights At Red Chris, new zones of higher grade mineralisation intersected at East Ridge and south of the South Boundary Fault:At East Ridge, hole RC678, returned 198m @ 0.89gt Au & 0.83% Cu from 800m, including 76m @ 1.8gt Au and 1.5% Cu from 908m. East Ridge is located 300m east of East Zone and the new intercept is open in all directions. Drilling at East Zone has intersected higher grade mineralisation south …
Highlights
At Red Chris, new zones of higher grade mineralisation intersected at East Ridge and south of the South Boundary Fault:
At East Ridge, hole RC678, returned 198m @ 0.89g/t Au & 0.83% Cu from 800m, including 76m @ 1.8g/t Au and 1.5% Cu from 908m. East Ridge is located 300m east of East Zone and the new intercept is open in all directions.
Newcrest Mining Limited - Exploration Update 11 March 2021 finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.