Imperial Metals Corporation (TSX:III) is pleased to announce that it is planning to issue unsecured non-convertible debentures with an aggregate principal amount of up to $35,000,000 on a non-brokered private placement basis.

The Debentures have a maturity date of July 1, 2024 and bear interest at a rate of 12.0% per annum, with interest paid semi-annually in cash, with the first payment due January 1, 2024.

The proceeds from the Private Placement are intended to be used to fund the operation and development at the Red Chris mine and for general working capital purposes.

5. Murray Edwards has agreed to purchase up to $21,000,000 of the Debentures. In addition, directors and officers of the Company have agreed to purchase up to $1,200,000 of the Debentures. Such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.

The securities being offered under the Private Placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or under state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Imperial

Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.