VANCOUVER, British Columbia, June 27, 2022 (GLOBE NEWSWIRE) — Imperial Metals Corporation (the “Company”) (TSX:III) is pleased to announce the completion of its previously announced rights offering (the “Rights Offering”), which expired at 2:00 p.m. (Pacific Time) Friday, June 24, 2022. The Company will issue a total of 13,475,400 common shares in the Rights Offering for gross proceeds of approximately $41.0 million.
The Company will issue a total of 9,948,611 common shares under basic subscription privileges in the Rights Offering and a total of 3,526,789 common shares under additional subscription privileges. To the knowledge of the Company, no person will become an insider as a result of the Rights Offering. The total number of issued and outstanding common shares of the Company upon completion of the Rights Offering will be 154,871,341.
The proceeds of the Rights Offering will be used as set out in the Company’s Rights Offering circular dated May 19, 2022.
Shareholdings of N. Murray Edwards
As a result of the Rights Offering, N. Murray Edwards beneficially will own and control 69,375,775 common shares of the Company, representing 44.80% of the Company’s issued and outstanding common shares as of the date hereof. Prior to the Rights Offering, Mr. Edwards owned and controlled 59,622,910 common shares, representing 42.17% of the Company’s issued and outstanding common shares. The common shares were acquired by Mr. Edwards for investment purposes and he may acquire or…
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