Imperial Metals announces $5 million private placement from billionaire backer

Vancouver-based copper miner Imperial Metals (TSE:III) 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 has an equity stake of 35% in the company.

Imperial Metals should be enjoying improving metal prices. Copper is priced at US$3.16 per lb, a three-year high. However, the company is trading at $3.10, just above its 52-week low.

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 for part of July. Mill throughput for the third quarter was 1.44 million tonnes, down 23% from the second quarter.

Imperial Metals owns and operates 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