Canada’s Imperial Metals has announced it will perform a rights offering to raise up to C$60.2 million (US$49.7 million) to advance the company’s further development.
“The company intends to use a significant portion of the proceeds from the Rights Offering on its portion of the operating and capital expenditures at the Red Chris mine, general working capital pur-poses and to repay its short term debt,” the Vancouver-based miner said in a statement.
About 12.85 million shares are to be offered. Under the plan, the rights will trade on the Toronto Stock Exchange (TSX) where the company is listed, according to the statement.
Imperial Metals says it owns an interest of 30 percent in the Red Chris mine through its subsidiaries, and a 100 percent interest in the Mount Polley and Huckleberry copper mines in British Columbia.