June 22, 2015
Vancouver, B.C. - June 22, 2015 - I-Minerals Inc. (TSX.V: IMA; OTCQX:
IMAHF) (the “Company”) announces that it has completed the debt
settlement agreement announced June 5, 2015, pursuant to which accrued
interest of $492,088 Cdn. has been satisfied by the issuance of
2,267,685 common shares issued at a deemed price of $0.217 Cdn. per
share.
The issuance of the shares was made pursuant to the exemption from the
registration provided by Rule 506 of the Securities Act of 1933, as
amended (the “U.S. Securities Act”), on the basis of representations
provided by the investor that it is an “accredited investor” as that
term is defined in Rule 501 of the U.S. Securities Act. The Company did
not engage in any form of general solicitation or general advertising in
connection with the issuance of the shares.
The shares may only be resold pursuant to an effective registration
statement under the U.S. Securities Act and any applicable state
securities laws or pursuant to another exemption from registration of
the U.S. Securities Act and any applicable state securities laws. Under
Canadian securities laws, the shares are subject to a hold period until
October 20, 2015 (being four months and one day from the date of
issuance).
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
production.
I-Minerals Inc.
Per:
“Thomas M. Conway”
Thomas M. Conway,
President & CEO
Contact:
Barry Girling
877-303-6573 or 604-303-6573 ext. 102
Email:
info@imineralsinc.com
Or visit our website at
www.imineralsinc.com
Paul J. Searle, Investor Relations
877-303-6573 or 604-303-6573 ext. 113
Email:
psearle@imineralsinc.com
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
NEWS RELEASE.
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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