I-Minerals Inc. Negotiates Extension of Outstanding Debt and Increase in Advance Amounts Under Existing Loan Agreements
Vancouver, British Columbia – (Newsfile Corp. – November 15, 2021) – I-Minerals Inc. (TSXV: IMA) (OTC Pink: IMAHF) (the “Company”) announces that it has negotiated an extension of the repayment date of certain loans made to the Company by BV Lending LLC (the “Lender”), a company controlled by the President of the Company, Allen Ball, from November 15, 2021 to December 15, 2021.
In addition to extending the maturity date of the loans granted by the Lender to the Company, the Lender has agreed to increase the amounts that can be advanced under its loan agreement of October 25, 2019 (as previously amended, the ” Sixth promissory note ”) with the Company. . As amended, the total amount that may be advanced by the Lender under the Sixth Promissory Note has increased by US $ 500,000 from US $ 2,725,000 to US $ 3,225,000. Additional amounts that can be advanced can be advanced in 4 separate monthly installments of up to $ 125,000 each. No “free share” may be issued in connection with the additional amounts that may be advanced under the sixth promissory note.
Currently, the total principal amount outstanding under all loans made by the lender to the Company is $ 34,153,578 together with all accrued and unpaid interest thereon. Interest payable is payable on each loan made to the Company by the lender at the rate of 0.13% per annum. Subject to the approval of the TSX Venture Exchange, interest on loans made by the Lender may, at the option of the Lender, be payable in common shares of the Company at a price deemed to be equal to the greater of (i) the updated market Price (as defined in the policies of the Exchange) and (ii) the weighted average price according to the volume of the ordinary shares of the Company during the 20 trading days preceding the date on which this interest becomes payable. To exercise its right to have interest payable on the Company’s shares, the Lender must notify the Company of its choice within ten business days before the date on which such interest becomes payable. If the lender chooses not to receive interest on the shares of the company, the interest due is added to the outstanding principal of the loans.
About I-Minerals Inc.
I-Minerals is an exploration and development company advancing Bovill’s kaolin-halloysite property in north-central Idaho. A March 2020 pre-feasibility study on the Bovill property envisioning an annual production of 20,000 tonnes of kaolin and 10,000 tonnes of halloysite estimated initial CAPEX at US $ 48 million with an IRR of 20% before tax, 18% after-tax and a pre-tax IRR of US $ 48 million. tax, US $ 34 million after tax NPV10%.
through : “Jean Théobald“
President and CEO
Contact: I-Minerals Inc.
877-303-6573 or 604-303-6573
Email: [email protected]
Or visit our website at www.iminalsinc.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding mineralization and potential resources, results of exploration and future plans and objectives of the Company are forward-looking statements that involve various risks. Actual results could differ materially from those projected due to the following factors, among others: changes in global mineral market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. .
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