VANCOUVER – Imperial Metals Corp. has closed a fully subscribed rights offering that grossed slightly more than $$44.0 million. Subscribers took up 3.8 million shares under the basic privilege and a further 2.3 million shares under additional privileges, resulting in an oversubscription of approximately 685,500 shares. As a result of the oversubscription, Imperial issued an additional 1.65 million shares.
Imperial said it intends to use the proceeds to repay a $30-million line of credit, to support production at Red Chris copper mine and to prepare for a restart at the Mount Polley copper-gold mine. Both of these properties are in British Columbia.
Learn more at ImperialMetals.com.