By Sheri Kasprzak
Atlanta, Dec. 14 - i-minerals Inc. said Tuesday it will raise $2 million in a private placement.
The company will issue up to 10 million shares included in 2 million partnership units priced at $1 each. The investors in the deal will become limited partners in Helmer-Bovill LLLP, the company's limited liability partnership.
The units are convertible into five common shares at a conversion price of $0.20 each.
All losses incurred through the expenditure of the funds will be passed back to the limited partners in the deal. The losses will accrue until the funds have been spent or until the limited partners convert their units into common shares.
At any time after March 31, 2007, the company has the option to call all the outstanding units.
i-minerals, based in Vancouver, B.C., mines, develops, processes and markets minerals. The company plans to use the proceeds from the offering for its Helmer-Bovill industrial minerals property.
| Issuer: | i-minerals Inc.
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| Issue: | Partnership units of 5 shares
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| Amount: | $2 million
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| Shares: | 2 million units
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| Price: | $1.00
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| Conversion price: | $0.20
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| Warrants: | No
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| Call features: | Callable any time after March 31, 2007
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| Announcement date: | Dec. 14
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| Stock price: | $0.12 at close Nov. 19 (last trade)
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