March 10, 2015
Vancouver, B.C. — March 10, 2015 - I-Minerals Inc. (TSX.V: IMA; OTCQX: IMAHF) (the “Company”)
announces that it has received acceptance from the TSX Venture Exchange
(the “Exchange”) for the new loan agreement with a company controlled
by Allen Ball, a director of the Company, pursuant to which up to
$4,463,000 U.S. will be advanced to the Company in tranches, as
originally announced on February 19, 2015. These advances are to be
considered secured loans bearing interest at the rate of 12% per annum
calculated and paid semi-annually from the date of each advance — as
disclosed in the Company’s February 19, 2015 news release, the interest
may also be payable in shares at the lender’s election.
As additional consideration for such advances, up to 1,889,095 bonus
shares and up to 1,889,095 bonus warrants may be issued to the lender,
representing 7.5% of the amount of the advances as provided for in
Exchange Policy 5.1 divided by the $0.22 “market price” of the Company’s
shares (as defined in Exchange Policy 1.1) as of February 18, 2015.
Each bonus warrant will entitle the holder to purchase one common share
of the Company at a price equal to the greater of:
- the “market price” of the Company’s shares (as defined in Exchange
Policy 1.1) as of the close of business on the date of the advance in
- the volume weighted average trading price of the Company’s shares
over the 20 trading days prior to the date of said advance; but
- subject to a minimum exercise price of $0.22 Cdn. per share, as provided for in Exchange Policy 5.1;
for a period expiring on the earlier of:
- December 1, 2018; and
- the date the amount of the advance, together with all accrued interest thereon, has been repaid in full.
The Company is also pleased to announce that it has registered its
common shares under section 12 of the United States Securities Exchange
Act of 1934, as amended. Going forward, the Company will file, among
other things, annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K with the Securities and Exchange
About I-Minerals Inc.
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 north central Idaho. A 2014
Prefeasibility Study on the Bovill Kaolin Deposit completed by SRK
Consulting (USA) Inc. highlights the potential of the Helmer-Bovill
property’s Bovill Kaolin deposit: after tax NPV6 of $212 million; 30.5%
IRR; 3 year payback and $72.7 million initial CAPEX; $84 million CAPEX
including life of mine sustaining capital over a 25 year mine life.
Ongoing development work is focused on moving the project towards
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.
877-303-6573 or 604-303-6573 ext. 102
Or visit our website at www.imineralsinc.com
Paul J. Searle, Investor Relations
877-303-6573 or 604-303-6573 ext. 113
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
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.
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