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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Claude Cormier who wrote (2630)3/21/2002 9:55:43 AM
From: TrueScouse   of 39344
 
Good to see more financing for exploration.... this PR yesterday from IMA. They should be doing some more drilling at Rio Tabaconas in a couple of months.

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IMA Exploration arranges $800,000 financing

Wednesday Mar 20 2002
News Release
Mr. William Lee reports IMA ARRANGES $800,000 OFFERING
IMA Exploration has entered into an agreement in principle with Canaccord Capital Corp. of Vancouver, B.C., that will see Canaccord act as the lead agent, on a commercially reasonable efforts basis, in a proposed $800,000 offering, by way of a short form offering document comprising of units at a price of 45 cents per unit.

Each unit will consist of one common share and one common share purchase warrant. Two warrants entitle the holder to purchase one common share for 12 months at 45 cents per share for the first three months and at 54 cents for the next nine months. This offering is scheduled to close in April, 2002. The agents will receive a cash commission of 8 per cent and agents' warrants that will entitle the agents to subscribe for that number of common shares as is equal to 20 per cent of the units sold for a period of 12 months at 45 cents per share for the first three months and at 54 cents for the remaining nine months. Canaccord will also receive an administrative fee to be paid in shares at a deemed price equal to the unit offering.

The proceeds from the sale of the units will be used for further exploration, pay property maintenance cost on the company's exploration properties in Peru and for working capital.
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