Canada-based AM Resources has completed the sale of mining assets to Imperial Mining Group (IMG).
IMG now owns interests in AM Resources’ mining assets located in Quebec.
Commenting on the deal, AM Resources president and CEO David Grondin said: “I’m pleased we have reached the completion of this process and I look forward to complete the reverse takeover (RTO) with AM Resources SAS in early January, so we may focus on capitalising on the growth opportunities in front of us as we move into next year.
“I plan on providing the market with a full update of our business plans and strategy in the coming weeks.”
In addition, IMG has completed private placements of units and common shares to raise $1,150,485.96 in concurrent financing.
IMG paid a finders fee of $20,450 and issued 192,181 non-transferable compensation warrants with respect to concurrent financing, which gives the holder the right to acquire the same number of shares at a price of $0.25 each until 28 December 2019.
In a separate development, IMG completed the acquisition of a $100 interest in the Crater Lake property from Peak Mining.
IMG said that its shares will commence trading on the TSX Venture Exchange around 8 January 2018 under the stock symbol ‘IPG’.
AM Resources is a mining exploration company that owns certain stakes in a coal project in Colombia.