IMA cashes up for Peruvian exploration

Vancouver-based IMA Exploration (IMR-V) is looking to raise more than $1 million to fund exploration in Peru.

The junior has arranged a non-brokered private placement of up to 2.7 million units priced at 38 apiece. Each unit consists of one share and half a warrant. A full warrant can be used to buy an additional share at 45 for one year.

IMA has completed a first pass of drilling at the Rio Tabaconas gold property in northwestern Peru and is preparing for a second.

The company has been exploring in Peru and Argentina since 1993. Its portfolio of early-stage properties, totalling more than 1,000 sq. km, has attracted the attention of Rio Tinto (RTP-N) and Barrick Gold (ABX-T), among other companies.