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Imperial Announces up to $53 million Non-Brokered Private Placement of Debentures

Press Release

Imperial Metals Corporation (“Imperial” or the “Company”) (TSX:III) announces its intention to secure additional financing for ongoing operations at the Mount Polley mine and continued exploration and feasibility study work at the Red Chris mine by way of a non-brokered private placement of up to $53 million aggregate principal amount of non-convertible Debentures (the “Debentures”).

The Debentures will have a 4 year term ending December 16, 2026. The Company intends to issue 6,625,000 warrants which will be exercisable into common shares of the Company at a price of $2.10, subject to all required shareholder and regulatory approvals. Interest at 10% per annum will be payable semi-annually in cash with the first payment due on June 16, 2023. Should the warrants not receive the requisite approvals, interest on the Debentures will increase to 12% per annum. N. Murray Edwards, the largest shareholder of the Company, has advised that he intends to purchase at least $40 million of the Debentures.

The issuance of the Debentures involves certain related parties (as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”)), including Mr. Murray Edwards, which constitutes related party transactions under MI 61-101. These transactions are exempt from the formal valuation requirement of Section 5.4 of MI 61-101 and the minority approval requirement of Section 5.6 of MI 61-101 as neither the fair market value of the Debentures issued to related parties, nor the consideration for such Debentures, exceed 25% of the Company’s market capitalization.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Debentures, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

At Mount Polley the highest monthly copper and gold production to date since restart was achieved with 1.78 million pounds of copper and 2,639 ounces of gold being produced in November. The operation is still being impacted by unanticipated electrical failures which have reduced mill throughput rates. However, with pebble mill #3 now operational, copper and gold recoveries in November were in line with historical recoveries and the highest since restart at 76.9% for copper and 69.8% for gold.

About Imperial

Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.

Company Contacts
Brian Kynoch | President | 604.669.8959
Darb S. Dhillon | Chief Financial Officer | 604.669.8959

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