Imperial Metals shares to be sold

Five European shareholders of Imperial Metals (TSE) have filed notices of their intention to sell up to a total of 20 million shares of the company.

The holding represents 38% of Imperial’s 52 million outstanding shares and the company has retained brokers Midland Walwyn Capital and Lancaster Financial Holdings to act as agents.

Imperial is debt-free and has $17 million in cash plus investments worth more than $18 million (including 5.3 million common shares of Cathedral Gold). Among the company’s property interests is the Mt. Polley copper-gold joint venture in central British Columbia. Gibraltar Mines (TSE) is reviewing the feasibility of milling the deposit at its nearby McLeese Lake mill.