Imperial Metals raises $20m

Vancouver — Imperial Metals (III-T) will use proceeds from a $20-million convertible-debenture financing to restart the Mount Polley copper-gold mine in British Columbia.

Half of the financing was placed through the investment firms Haywood Securities, First Associates Investments, and Raymond James. The trio took $10 million face value of the 6% unsecured debentures; each $8.65 of face value is convertible into one share for five years.

Company employees, directors, insiders and officers also purchased $10 million face value of the 6% unsecured debentures. The debentures have the same terms as those issued under the brokered placement, only the price is discounted 4% in lieu of the commission being paid.

The renovated mill at Mount Polley recently began processing ore from the open pit.

Imperial Metals has 28 million shares outstanding and was last trading at around $7.10.