VANCOUVER, BC / ACCESSWIRE / March 14, 2023 / iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V) ('iMetal' or the 'Company') is pleased to announce 5,470,666 warrants have been exercised, adding $1,094,133 to the Treasury as of March 13, 2023. The warrants were issued in connection to a public unit offering completed by the Company (see Press Release April 8, 2022).
'I am extremely pleased to report a successful exercise of over 5 million share purchase warrants for the Company generating an additional $1M+ of hard dollars to the iMetal treasury,' commented Saf Dhillon, President and CEO of iMetal Resources. 'The warrant exercise clearly demonstrates investor faith in the Company's management and projects, The additional proceeds will be used for general working capital and further exploration on our flagship Gowganda West property.'
The Company continues to finalize plans for the next phase of drilling at Gowganda and the Digitally Enhanced Prospecting ('DEP') program at Ghost Mountain. This program is expected to commence shortly.
The Company also wishes to announce it has elected to increase the current marketing services budget with MIC Market Information & Content Publishing GmbH ('MIC') (Address: Gerhart-Hauptmann-St. 49b 51379 Leverkusen; email: email@example.com; phone: +49 2171-7766628) by a further EUR 150,000. MIC will utilize their online programs with the aim of increasing investor awareness and interest in the Company as well as attracting potential new investors through various online platforms and methods of engagement until April 15th , 2023 or until budget exhaustion. The additional amount will be advanced to MIC immediately and will allow the engagement to continue past the existing scheduled end date of March 15th, 2023. The promotional activity is expected to occur by email, Facebook, and Google. Compensation payable to MIC does not include any securities of the Company. MIC does not have any prior relationship with the Company, other than the existing marketing engagement.
The scientific and technical information contained in this news release has been reviewed and approved by Scott Zelligan, P. Geo (Ontario), VP Exploration of iMetal and a qualified person as defined in National Instrument 43-101.
About iMetal Resources Inc.
iMetal is a Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. One of its Flagship properties Gowganda West, is an exploration-stage gold project that borders the Juby Deposit and is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp. The 665-hectare Kerrs Gold deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with a 2011 historic resource, 90 kilometres ENE of Timmins. The 220-hectare Ghost Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and Holloway Mine.
ON BEHALF OF THE BOARD OF DIRECTORS,
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
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