Jun 15, 2011
i-minerals inc. applies to amend terms of share purchase warrants
Vancouver, B.C. - June 15, 2011 - i-minerals inc. (TSX.V: IMA) (the "Company") announces that it intends to make application to the TSX Venture Exchange to amend the term of certain outstanding share purchase warrants issued pursuant to a convertible debenture offering which closed in two tranches on June 30, 2009 and September 15, 2009 as well as the Series A and Series B warrants issued pursuant to a private placement which closed on January 29, 2010. As disclosed in the following table, the amendment is limited to an extension of the term of the warrants without changes to the exercise price:
In addition the Company is seeking approval of the debenture holders for the extension of all three tranches of the debentures such that all tranches would mature on January 29, 2013.
The proposed amendment of the term of the warrants and the extension of the convertible debentures as set forth above is subject to the Company receiving acceptance from the TSX Venture Exchange therefor.
"We are on schedule for the completion of the feasibility study on the Kelly's Basin Deposit and submission of our environmental permit application to the US Army Corp of Engineers on or about August 15, 2011," commented Thomas Conway, President & CEO. "The feasibility and permitting process took longer than originally expected as the Company encountered certain challenges prior management had not foreseen. Extending the warrants allows shareholders who have supported the Company through the feasibility and permitting process to evaluate the results of our efforts prior to the expiry of the warrants as we had always been intended."
Per: "Thomas M. Conway"
Thomas M. Conway,
President & CEO
This press release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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