Vancouver, British Columbia--(Newsfile Corp. - January 19, 2023) - I-Minerals Inc. (TSXV: IMA) (OTC Pink: IMAHF) ("the Company") is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange of its proposed disposition of all of the issued and outstanding common shares of the Company's wholly owned subsidiary, i-minerals USA, to BV Lending (the "Transaction"), pursuant to a Stock Purchase Agreement which was previously announced in the news release dated September 15, 2022.
Closing of the Transaction is subject to a number of key conditions including shareholder approval, TSX Venture Exchange final approval, no more than 5% of the shareholders exercising their dissenting rights and other conditions customary for this type of Transaction.
The Company will issue a subsequent news release upon filing its definitive proxy statement (information circular) with the Securities Exchange Commission on EDGAR and the applicable Canadian securities commissions on www.sedar.com.
About the Company
The Company was incorporated under the laws of British Columbia, Canada in 1984. In 2004, the Company changed its corporate jurisdiction from a British Columbia company to a Canadian corporation. In December 2011, the Company amended its articles to change its name from "i-minerals inc." to "I-Minerals Inc."
The Company is engaged in the exploration, evaluation and development of mineral assets including the aforementioned Helmer-Bovill Property. Following the completion of the Transaction, the Company will not have any mineral properties due to the sale of i-minerals USA, which owns the Helmer-Bovill Property. Accordingly, the Company will need to identify and, if successful, acquire a new business, which it will be positioned to do with a balance sheet free of the existing indebtedness that it is currently unable to service. The Company's principal executive office is located at Suite 1100, 1199 West Hastings Street, Vancouver, British Columbia, Canada and the Company's telephone number is (208) 953-7372. The Company's operations office is located at 13403 N. Government Way, #102, Hayden, Idaho.
I-Minerals Inc.
per: "John Theobald"
John Theobald,
President & CEO
Contact: I-Minerals Inc.
Barry Girling
(208) 953-7372
Email: info@imineralsinc.com
Or visit our website at www.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 that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: ability to complete the Transaction (including obtaining all necessary shareholder and regulatory approvals), the need to comply with environmental and governmental regulations, changes in the worldwide 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. Accordingly, actual and further events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151929
