News

I-Minerals Inc. closes Private Placement and issues additional bonus shares and bonus warrants pursuant to loan agreement


January 31, 2014

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Vancouver, B.C. - January 31, 2014 - I-Minerals Inc. (TSX.V: IMA; US IMAHF) (the “Company”) announces the closing of the private placement announced by news release dated January 14, 2014. The Company raised a total of $620,000 pursuant to the private placement (originally announced at $500,000) by the sale of 3,100,000 units at a price of $0.20 per unit. Each unit is comprised of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.40 until January 31, 2017. In connection with this closing, the Company paid a finder’s fee in cash of $18,620 and issued 200,000 finder warrants, with each finder warrant entitling the holder to purchase one common share of the Company at a price of $0.25 until January 31, 2016. All of the securities issued in connection with this private placement and in payment of the finder’s fee are subject to a hold period in Canada until June 1, 2014.

The Company also announces that it has issued an additional 169,178 bonus shares and an additional 169,178 non-transferable bonus warrants to a company controlled by a director in respect of additional cash advances totaling $500,000 U.S. pursuant to the loan agreement announced on September 20, 2013. The bonus shares were issued at deemed prices of $0.21 and $0.16875 Cdn. per share. The bonus warrants are exercisable at prices of $0.28 and $0.23 Cdn., and will expire on the earlier of December 1, 2016 and the date the amount of the individual advance pursuant to which the bonus warrants were issued, together with all accrued interest thereon, has been repaid in full. All of the bonus shares, and any additional shares which may be issued pursuant to the exercise of the bonus warrants, are subject to a hold period in Canada until May 28, 2014.

About I-Minerals

I-Minerals is developing multiple deposits of high purity-high value halloysite, quartz, potassium feldspar and kaolin at its strategically located Helmer-Bovill property in western Idaho. A 2013 Prefeasibility Study completed by SRK Consulting (USA) Inc. highlights the potential of the Helmer-Bovill property: after tax NPV6 of $150 million; 28% IRR; 3 year payback and $67 million initial CAPEX; $84 million CAPEX including life of mine sustaining capital over a 26 year mine life. Ongoing development work is focused on upgrading the probable reserve to a proven reserve as the Company moves through the feasibility process towards production.

I-Minerals Inc.
Per: “Thomas M. Conway”


Thomas M. Conway,
President & CEO

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, 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. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for the sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by mean of a prospectus containing detailed information about the company and management, as well as financial statements.

This News Release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the world wide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital.


Contact:
Barry Girling
877-303-6573 or 604-303-6573
Email: info@imineralsinc.com / Or visit our website at www.imineralsinc.com


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

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