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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