IMA arranges $4.65 million financing

Vancouver — IMA Exploration (IMR-V) has inked a deal with a syndicate of underwriters to raise $4.65 million on a bought-deal basis.

The syndicate is led by Canaccord Capital and includes First Associates Investments. The underwriters have agreed to purchase, on a bought-deal basis, 1.5 million units at a price of $3.10 per unit.

Each unit will consist of one common share and one half of a common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the company for one year at a price of $3.70 per share.

The underwriters will be paid a commission of 6% cash and 200,000 compensation options. The compensation options will be exercisable at a price of $3.25 per option for a period of twelve months. These options can be converted into one share and one half warrant with the warrants having the same terms as described above.

The proceeds from this financing will be used for general working capital and for further exploration on IMA’s property portfolio which currently includes over 37 projects. The company’s primary focus will be to continue to outline mineralization at the Navidad property in Argentina.

Recent results from an ongoing drill program at the Navidad property include hole 14, which cut 18.0 metres averaging 1,421.2 grams silver per tonne, 0.42% copper, 5.24% lead and 1.69% zinc within a much longer intercept of 115.1 metres averaging 453.6 grams silver, 0.08% copper, 5.26% lead and 0.50% zinc. This hole was collared about 160 meters along strike to the northwest from drill holes 3, 4, and 5 where assays returned values up to 229 grams silver over 83 metres.