iMetal Resources Inc. (TSXV:IMR) announced a non-brokered private placement of up to 25,000,000 units at a price of CAD 0.11 per unit for gross proceeds up to CAD 2,750,000 on August 27, 2020. Each unit will consist of one common share and one share purchase warrant of the company. Each warrant entitles the holder to acquire one additional common share at an exercise price of CAD 0.20 per share for a period of twenty-four months. The company may pay finders' fees in the transaction. All securities to be issued will be subject to a four-month-and-one-day statutory hold period. The transaction is subject to approval of the TSX Venture Exchange. At the close of business on September 3, 2020 the company will consolidate its common share capital on a five-for-one basis.