Imperial Metals Corp. is undertaking a private placement to raise as much as C$55.0 million to improve its working capital.

The TSX-listed base and precious metals explorer said Dec. 22 that certain shareholders and a director have committed to subscribe for 7,636,363 shares at C$5.50 each to raise about C$42.0 million.

Imperial added that it may accept subscriptions for up to another 2,363,637 shares at the same price to raise a further C$13.0 million.

The initial placement is expected to be completed before the end of the year, while the additional subscriptions will be finalized in early January 2017.