DUE TO INVESTOR DEMAND IMETAL INCREASES SIZE OF PRIVATE PLACEMENT

As a result of market interest, iMetal Resources (TSX.V: IMR) has elected to increase the size of its previously announced non-brokered private placement. The company will continue to offer up to 16,666,667 units at a price of 12 cents per unit for gross proceeds of up to $2-million. Each unit will consist of one common share of the company and one common share purchase warrant exercisable to acquire an additional common share at a price of 20 cents for a period of 24 months.

The company will also offer up to 6,666,667 flow-through units at a price of 15 cents per FT unit for further gross proceeds of up to $1-million. Each FT unit will also consist of one common share of the company and one warrant. The FT shares will qualify as flow-through shares within the meaning of subsection 66(15) of the Income Tax Act (Canada).

Proceeds from the placement will be used for the development of the company's Gowganda West project, as well as development of the Kerrs gold deposit in the event the previously announced property option is consummated and for general working capital purposes. Completion of the placement is not contingent on the acquisition of rights to the Kerrs gold deposit, and the company will proceed with the placement even if the acquisition is not consummated.

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In connection with the Placement, the company may pay finders' fees to eligible third parties that have introduced subscribers to the company. All securities issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to the approval of the TSX Venture Exchange.

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Dislcaimer: iMetal is a paid marketing client*

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