Imperial Metals closes $20-million financing

Vancouver – Imperial Metals (III-T) has closed its $20-million convertible debenture financing, with proceeds mostly going towards final completion of processing operations at the recently restarted Mount Polley mine.

Half the financing was placed through investment firm trio, Haywood Securities, First Associates Investments and Raymond James, who took $10-million face value of the 6% unsecured debentures. Each $8.65 of face value is convertible into a common share for 5 years.

Company employees, directors, insiders and officers also purchased $10-million face value of the 6% unsecured debentures. The debentures have the same terms as those issued under the brokered placement, only the price is discounted 4% in lieu of the commission being paid.

The lion’s share of proceeds is earmarked for completion of some final items in the restart of the company’s wholly owned Mount Polley copper-gold mine near Williams Lake in central British Columbia. The renovated mill has recently commenced processing ore from the open pit operation.

With 28.1-million shares outstanding, Imperial has a $197-million market capitalization. The issue has recently traded in the $7.00 per share level, slightly higher than midway between its 52-week range of $4.75-8.40.