IMA ups allotment in financing

Vancouver — Investor demand has prompted IMA Exploration (IMR-V) to increase both the allotment size and price of its latest financing.

The original, $1.2 million non-brokered private placement consisted of 1.5 million units priced at 80 each. A full unit consisted of one share, and one warrant exercisable at $1 for two years. The newly amended, $2.6-million financing includes 2.9 million units priced at 90 each. A unit consists of one share and half a warrant. A full warrant allows the holder to buy a share in the company for $1.10 over the course of a year.

IMA insiders will pick up a $1.2-million portion of the deal, and First Associates Investments will have the remaining $1.4 million in a brokered private placement. The shares are subject to a holding period of four months.

The junior holds 37 gold and silver projects in Argentina and Peru.