Imperial Mining Announces its Intent to Extend the Expiry Date of Warrants

Rhea-AI Summary

Imperial Mining Group Ltd. announced the extension of the expiry dates for 12,718,332 share purchase warrants by 12 months to September 10, 2023. These warrants, from a private placement in September 2019, will maintain their exercise price of $0.11 per common share. Approximately 2,050,000 of these warrants are held by related parties, qualifying it as a related party transaction, but exemptions from formal valuation and minority approval have been applied. This extension is pending exchange acceptance.

Positive

• Extension of 12,718,332 share purchase warrants indicates continued investor interest.
• Warrant exercise price remains favorable at $0.11 per share.

Negative

• Dependence on related party transactions could indicate potential conflicts of interest.
• Warrant extension may dilute share value if warrants are exercised.

MONTRÉAL, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (“Imperialˮ or the “Corporation”) (TSX VENTURE: IPG; OTCQB: IMPNF) announces its intent to extend the expiry dates of a total of 12,718,332 share purchase warrants (the “Warrants”), by 12 months to September 10, 2023 (the “Warrant Extension”). The Warrants were issued pursuant to a private placement which closed on September 10, 2019. Each Warrant entitles the holder thereof to acquire one common share of the Corporation at a price of $0.11 per common share and all other terms of the Warrants, including exercise price, will remain the same. The Warrant Extension is subject to the exchange acceptance.

A total of 2,050,000 Warrants are held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines have been relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.

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
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 does the warrant extension mean for Imperial Mining Group Ltd. (IMPNF)?

The extension allows existing warrant holders more time to exercise their warrants at $0.11 per share, potentially increasing liquidity for the company.

How many share purchase warrants are affected by the extension for IMPNF?

A total of 12,718,332 share purchase warrants are being extended.

When is the new expiry date for the warrants of Imperial Mining Group Ltd.?

The new expiry date for the warrants is September 10, 2023.

Are any of the warrants held by related parties for IMPNF?

Yes, approximately 2,050,000 warrants are held by related parties, making it a related party transaction.

What is the exercise price for the warrants of Imperial Mining Group Ltd.?

The exercise price remains at $0.11 per common share.