iMetal Resources Provides Update on Private Placement

iMetal Resources Inc. (TSXV: IMR) (OTCQB: IMRFF) (FSE: A7VA) (" iMetal " or the " Company ") is providing this update on its previously announced non-brokered private placement (the " Offering "). The Offering will now consist of up to 30,000,000 units (each, a " Unit "), at a price of $0.10 per Unit, for gross proceeds of up to $3,000,000. Each Unit will consist of one common share in the capital of the Company (each, a " Share ") and one transferable share purchase warrant of the Company (each, a " Warrant "). Each Warrant entitles the holder to purchase one additional Share of the Company at a price of $0.175 for a period of thirty-six months. The Warrants will be subject to an accelerated expiry if, any time after the date that is four months and one day after the closing date of the Offering, the volume-weighted average trading price of the Shares on the TSX Venture Exchange (" TSXV ") exceeds $0.40 for twenty (20) consecutive trading days, in which event the holders of the Warrants may, at the Company's election, be given notice and the Company will issue a press release announcing the Warrants will expire thirty (30) days following the date of such press release.

The Company intends to use the net proceeds of the Offering towards further exploration at the Company's properties as well as for general working capital. Integrity Capital Group Inc. (" Integrity ") is acting as financial advisor to the Company in connection with the Offering. For further information concerning the Offering, please contact Integrity at [email protected] . The Company has agreed to pay Integrity a fee on any subscribers introduced by Integrity to the Offering consisting of: (i) a cash commission equal to 8% of the gross proceeds from subscribers introduced by Integrity to the Offering; and (ii) non-transferable broker warrants (each, a " Broker Warrant ") equal to 8% of the number of Units sold to subscribers introduced by Integrity to the Offering. Each Broker Warrant will entitle the holder to acquire one Unit at an exercise price of $0.10 for a period of thirty-six months after the closing of the Offering. In connection with the Offering, the Company may also pay finders' fees to additional eligible third-parties who have assisted in introducing subscribers.

Completion of the Offering remains subject to receipt of all necessary regulatory approvals and acceptance of the TSXV. The Company has requested an extension of the applicable filing timeline for the Offering with the TSXV in order to facilitate completion of the Offering. All securities issued under the Offering will be subject to a statutory hold period of four months and one day from the date of issue, in accordance with applicable Canadian securities laws.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.

About iMetal Resources Inc. iMetal is a Canadian-based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. The flagship property Gowganda West, is an exploration-stage gold project with a recent discovery hole of 48.5m at 0.85 g/t gold that borders the Juby Deposit and is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold ...