Imperial Metals announces $5 million private placement from billionaire backer

Vancouver-based copper miner Imperial Metals announced a $5 million financing today from N. Murray Edwards.

Murray, a Canadian oil sands financier and a co-owner of the Calgary Flames, is already a controlling shareholder. According to Bloomberg, Murray already has an equity stake of 35% in the company.

Earlier this month, Imperial Metals said it would not meet its 2017 meet metal production targets due to forest fires. Operations at the company's Mount Polley mine were temporarily suspended in July. Mill throughput for the third quarter was 1.44 million tonnes, down 23% from the second quarter.

Imperial is a Vancouver-based exploration, mine development and operating company that owns the Red Chris, Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a 50% interest in the Ruddock Creek, a lead-zinc property in British Columbia.

Creative Commons image of forest fire from U.S. Department of Agriculture

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