Imperial Mining Announces Closing of a $527,500 Private Placement of Units

Rhea-AI Summary

MONTREAL, Sept. 16, 2021 - Imperial Mining Group Ltd. has completed the second tranche of a non-brokered private placement, raising a total of $1,346,500 through the issuance of 3,516,666 units at $0.15 per unit. Each unit consists of one common share and one share purchase warrant with an exercise price of $0.20 for 24 months. Proceeds will be used for exploration on the Crater Lake TG Zone scandium-rare earth deposit and other corporate purposes. The offering is subject to final approval from the TSX Venture Exchange.

Positive

• Raised a total of $1,346,500 through private placement.
• Funds will be used for exploration and a planned pilot plant.

Negative

• None.

MONTREAL, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (“Imperialˮ or the “Corporation”) (TSX VENTURE: IPG) is pleased to announce that it closed the second and last tranche of a non-brokered private placement (the “Offering”) of 3,516,666 units (each, a “Unit”) at a price of $0.15 per Unit, for an aggregate gross proceeds $527,500. The Corporation was thus able to raise a total of $1,346,500 in the Offering with both tranches. Each Unit is comprised of one (1) common share (each a “Share”) and one (1) a Share purchase warrant (each a “Warrant”), with each Warrant entitling the holder to acquire one (1) additional Share of the Corporation at a price of $0.20 over a period of twenty-four (24) months from the closing date.

The Corporation will use the proceeds of the Offering to complete exploration on the Corporation’s Crater Lake TG Zone scandium-rare earth deposit, optimize the metallurgical test work for the project, collect a 50t bulk sample from the property, with the objective of delivering a 43-101 Resource Report and a Preliminary Economic Assessment, and for other corporate purposes. The bulk sample will ultimately be used for input in a planned scandium recovery pilot plant.

In connection with the second tranche of the Offering, the Corporation paid no finders’ fees. All securities issued pursuant to the Offering are subject to the applicable statutory hold period of four (4) months and one (1) day from the closing. The Offering is subject to the final approval of the TSX Venture Exchange.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

For further information please contact:

Peter J. Cashin President and Chief Executive Officer Phone: +1 (514) 360-0571 Email: info@imperialmgp.com

CHF Capital Markets Iryna Zheliasko, Manager-Corporate Communications Phone: +1 (416) 868-1079 x229 Email: iryna@chfir.com

Website: www.imperialmgp.com          Twitter: @imperial_mining          Facebook: Imperial Mining Group

Neither 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 release.

FAQ

What was the total amount raised by Imperial Mining Group Ltd. in the recent private placement?

Imperial Mining Group Ltd. raised a total of $1,346,500 in the recent private placement.

What will the proceeds of the private placement be used for?

The proceeds will be used for exploration on the Crater Lake TG Zone scandium-rare earth deposit and other corporate purposes.

What is the exercise price of the share purchase warrants issued by Imperial Mining Group Ltd.?

The exercise price of the share purchase warrants is $0.20.

How many units were issued in the second tranche of the private placement?

In the second tranche of the private placement, 3,516,666 units were issued.

What is the duration for which the warrants can be exercised?

The warrants can be exercised over a period of 24 months from the closing date.