Imperial Mining Announces Warrants Extension and Appointment of Pierre Neatby as Board Member

MONTRÉAL, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (“Imperial” or the “Corporation”) (TSX VENTURE: IPG) announces its intent to extend the expiry dates of a total of 8,976,666 share purchase warrants (the “Warrants”), by 6 months to March 13 and 15, 2024 (the “Warrants Extension”). The Warrants were issued pursuant to a private placement which closed in two tranches on September 13 and 15, 2021. Each Warrant entitles the holder thereof to acquire one common share of the Corporation at a price of $0.20 per common share and all other terms of the Warrants, including exercise price, will remain the same. The Warrants Extension is subject to acceptance by the TSXV.

A total of 150,000 Warrants are held by an insider who is considered to be a “related party” to the Corporation. Therefore, the Warrants Extension 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 Corporation.

Appointment of Pierre Neatby as Board Member

Imperial is also pleased to announce that Pierre Neatby, the Corporation’s President and CEO, has been officially appointed to its Board of Directors. Imperial’s Board is now composed of six directors, namely Jeff Swinoga (Chairman), Alain Bureau, Nick Nikolakakis, Brooke DeLong, Philippe Cloutier and Pierre Neatby.

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.

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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.