October 25, 2013
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICESVancouver, B.C. - October 25, 2013 - I-Minerals Inc. (TSX.V: IMA) (the “Company”)
announces that it has issued an initial 1,170,084 bonus shares and an initial 1,170,084 non-transferable bonus warrants to a company controlled by a director in respect of multiple cash advances dating back to November 2012 totaling $2,050,000 U.S. to date pursuant to the loan agreement announced on September 20, 2013. The bonus shares were issued at deemed prices ranging from $0.105 to $0.13875 Cdn. per share. The bonus warrants are exercisable at prices ranging from $0.14 to $0.185 Cdn., and will expire on the earlier of December 1, 2016 and the date the amount of the individual advance pursuant to which the bonus warrants were issued, together with all accrued interest thereon, has been repaid in full. All of the bonus shares, and any additional shares which may be issued pursuant to the exercise of the bonus warrants, are subject to a hold period in Canada until February 24, 2014.
The Company may also issue up to an additional 1,720,649 bonus shares and up to an additional 1,720,649 bonus warrants in respect of additional cash advances pursuant to the loan agreement. Any such bonus shares will be issued at the “Discounted Market Price” of the Company’s shares (as defined in TSX Venture Exchange Policy 1.1) as of the date of the advance, subject to a minimum price of $0.105 Cdn. Any such bonus warrants will be exercisable at a price equal to the greater of the “Market Price” of the Company’s shares (as defined in said Policy 1.1) as of the close of business on the date of the advance and the volume weighted average trading price of the Company’s shares over the 20 trading days immediately prior to the date of the advance, subject to a minimum exercise price of $0.14 Cdn.I-Minerals Inc.
Per: “Thomas M. Conway”
Thomas M. Conway,
President & CEOThe securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for the sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by mean of a prospectus containing detailed information about the company and management, as well as financial statements.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 may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of risk factors beyond its control, and actual results may differ materially from the expected results.
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