Imperial Metals Corp (TSX: III) announced late Friday that is has completed a rights offering. The offering saw a total of $60.4 million in gross proceeds raised by the mine operator.
Under the terms of the financing, a total of 12.9 million common shares were sold, with shares being sold at a price of $4.70 per common share. Each shareholder was granted the right to acquire 0.1 of a common share per share of the company held under the rights offering.
Proceeds from the financing are to be used for operating and capital expenditures at the Red Chris mine, to repay short term debt, and for general working capital purposes which reportedly includes exploration activities and the reopening of mines currently in care and maintenance. A total of $10.0 million in short term debt is to be repaid with proceeds from the financing.
Initially announced back in May, the program was subscribed to by a number of insiders of the company, with insiders accounting for roughly 45% of the rights offering as a whole.
Imperial Mines last traded at $4.72 on the TSX.
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