Imperial Metals (TSX: III) intends to secure additional financing for the restart of its Mount Polley mine by way of a convertible debenture financing totalling $45 million. The Mount Polley mine, which has been on care and maintenance since 2019, is currently operating at targeted production rates. The company had previously aimed to reopen the mine operation by the end of June.
However, the mine restart took longer than planned due to difficulties in hiring operating personnel, supply chain challenges and unanticipated electrical and mechanical work. This, together with lower copper prices, caused a shortfall in revenues compared to budget. In addition, Imperial Metals’ previously announced rights offering was not fully subscribed, resulting in a shortfall in budgeted equity financing. Due to these reasons, the company is now seeking additional funding via debt…
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