Imperial Mining Announces Closing of Second and Final Tranche of a Private Placement of Shares

MONTREAL, July 23, 2020 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial" or the a??Corporationa??) (TSX VENTURE: IPG) is pleased to announce that it closed the second and last tranche of a non-brokered private placement today (the a??Offeringa??) of 1,515,000 shares on a a??flow-thougha?? basis at a prices of $0.07 per share and 15A 414 998 units (each, a a??Unita??) at a price of $0.055 per Unit for an aggregate gross proceeds $953,875. Each Unit is comprised of one (1) common share (each a a??Sharea??) and one Share purchase warrant, with each warrant entitling the holder to acquire one (1) additional Share of the Corporation at a price of $0.055 over a period of 24 months from the closing date.
The Corporation was able to raise a total of $1,391,285 in the Offering, $232,050 in shares and $1,159,235 in Units.The Corporation will use the proceeds of the Offering for exploration work on its Crater Lake scandium project, including completion of the metallurgical flowsheet, surface and diamond drill evaluation of four additional scandium targets on the property and for other corporate purposes.a??I am very pleased that we have had outstanding investor reception for our share offering, in particular our hard dollar units, and upsized the maximum cap of $1.0 million by a full 20 percent to $1.2 million,a?? said Imperial President & CEO, Peter Cashin. a??The recent positive developments in the growth potential of the scandium market as a critical element in high-strength aluminum alloys has been supportive. We remain confident of our views on the commoditya??s critical importance for the aerospace, automotive and defense sectors moving forward. This is particularly so, given the importance of aluminum industry in Quebec, that scandium-modified aluminum alloys will become an important value-added product for the provincea??s aluminum industry.a??In connection with the Offering, the Corporation paid to finders, which are all at armsa?? length with the Corporation, findersa?? fees for a total of $9,047.50 in cash and issued 129,400 warrants, with each warrant entitling the holder to acquire one (1) Share of the Corporation at a price of $0.10 over a period of 24-months from the closing date.
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