Imperial Mining Group Ltd. (TSX-V: IPG) is pleased to announce that it closed a non-brokered private placement today of 3,480,667 shares on a “flow-though” basis at a prices of $0.075 per share and 14,134,999 units at a price of $0.06 per Unit for gross proceeds $1,109,149.97. Each Unit is comprised of one  common share and one Share purchase warrant, with each warrant entitling the holder to acquire one additional Share of the Corporation at a price of $0.11 for period of 36 months.

The Corporation will use the proceeds of the Offering for exploration work on its properties and other corporate purposes. The money will specifically be applied to completion of the preliminary metallurgical testing of Crater Lake scandium-rare earth bulk sample and surface and diamond drill evaluation of the Central Gold Zone on the Opawica Project.

In connection with the Offering, the Corporation paid a total of $30,007 finders’ fees and issued 446,783 Share purchase warrants of the Corporation, each entitling to acquire one Share until September 10, 2021 at an exercise price of $0.11 per Share.

All securities issued pursuant to the Offering are subject to the applicable statutory hold period ending January 11, 2020. The Offering is subject to the final approval of the TSX Venture Exchange.

Mr. Peter Cashin, President and CEO of the Corporation, through Peak Mining Corporation, acquired Shares in the Offering and such transaction is considered to be a “related party transactions” as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Shares issued to or the consideration paid exceeded 25% of the Corporation’s market capitalization.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a new Canadian mineral exploration and development company focussed on the advancement of its copper-zinc, gold and technology metals properties in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.