IMA arranges financing

Vancouver — IMA Exploration (IMR-V) has inked a deal with a syndicate of underwriters to raise $4.6 million on a bought-deal basis.

The underwriters, Canaccord Capital and First Associates Investments, will buy 1.5 million units priced at $3.10 apiece.

A unit consists of one share and half a share purchase warrant. Each full warrant entitles the holder to buy an additional share for one year at $3.70.

IMA will use some of the proceeds to explore the Navidad property in Argentina, where drilling is ongoing. Recently, hole 14 intersected 18 metres averaging 1,421.2 grams silver per tonne, plus 0.42% copper, 5.24% lead and 1.69% zinc, within a much longer intercept of 115.1 metres grading 453.6 grams silver, 0.08% copper, 5.26% lead and 0.5% zinc. The hole was collared 160 metres along strike, northwest of holes 3, 4 and 5, where assays indicate values of up to 229 grams silver per tonne over 83 metres.