I-minerals closes on private placements...
Vancouver, B.C. (April 29, 2011) i-minerals inc. (TSX.V: IMA) ("i-minerals" or the "Company") is pleased to announce the closing of a brokered private placement through Canaccord Genuity Corp. ("Canaccord" or the "Agent"), and a non-brokered private placement (collectively, "the Offering"), as originally announced on January 19, 2011 and as amended on March 22, 2011.
The brokered portion of the Offering consisted of the sale of 12,000,000 Units at a price of $0.25 each, for aggregate subscription proceeds of $3,000,000, each Unit consisting of one common share and one Warrant, with each Warrant entitling the holder to purchase one additional common share at a price of $0.40 until April 29, 2013.
In connection with the closing of this brokered private placement, the Company paid Canaccord a commission of $240,000 and has issued to Canaccord the following securities to Canaccord:
(a) 1,200,000 Agent's Warrants, each entitling Canaccord to purchase one common share at a price of $0.25 until April 29, 2013; and
(b) 450,000 Corporate Finance Units, each consisting of the same securities comprising the Units disclosed above.
The non-brokered portion of the Offering consisted of the sale of 8,000,000 Units at a price of $0.25 each, for aggregate subscription proceeds of $2,000,000, each Unit having the same terms as the Units being sold pursuant to the brokered private placement. A company controlled by a director of i-minerals subscribed for a total of 5,220,000 of these Units.
All of the securities issued in connection with the closing of the Offering, including the securities issued to Canaccord, are subject to a hold period in Canada until August 30, 2011.
The funds raised pursuant to the Offering will be used to advance the Helmer-Bovill Project and for general working capital purposes.
