International Millennium Mining Corp. Closes Private Placement

VANCOUVER, BC / ACCESSWIRE / August 28, 2020 / International Millennium Mining Corp. (TSXV:IMI) (the "Company" or "IMMC") reports that, further to its July 14, 2020, press release, it has closed its non-brokered private placement in trust, pending the final acceptance of the TSX Venture Exchange, in the amount of $659,465. The private placement consists of 32,973,250 units at $0.02 per unit, each unit is comprised of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to purchase an additional share at $0.05 per share for a period of thirty-six (36) months from the date of issuance (the "Private Placement").

The Company will pay up to a 6% finder's fee and issue broker share purchase warrants, up to 8% of the Private Placement units, with respect to $603,000 of the Private Placement. Each broker warrant will entitle the holder to acquire one common share at $0.05 for a period of thirty-six (36) months from the closing of the placement.

The Private Placement proceeds will be used to payout debenture loans and debenture loan interest of up to $130,000 incurred by the Company in 2019 and 2020; to initiate an exploration program on the Silver Peak property, pursuant to the Company's 2019 NI 43-101 Technical Report; and for working capital.

As it is anticipated that certain insiders will participate in the Private Placement, it is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(a) of MI 61-101, respectively, as the fair market value of the transaction, and the consideration paid in the Private Placement, in each case, in relation to the interested parties, will not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101.

International Millennium Mining Corp. (TSXV:IMI) is focused on the exploration and development of its Silver Peak silver-gold project in southwest Nevada. The Company's common shares trade on the Exchange under the symbol: IMI.

ON BEHALF OF THE BOARD

"John A. Versfelt"

John A. Versfelt
President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com), the Company's website (www.immc.ca) or by contacting Mr. John Versfelt, President & CEO of the Company at 604-527-8135.

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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: International Millennium Mining Corp.