Mr. Brian Kynoch reports

IMPERIAL PLANS TO ISSUE UP TO $45 MILLION OF NON-CONVERTIBLE DEBENTURES

Imperial Metals Corp. plans to issue unsecured non-convertible debentures with an aggregate principal amount of up to $45-million on a non-brokered-private-placement basis.

The debentures have a maturity date of Nov. 1, 2025, and bear interest at a rate of 12.0 per cent per annum, with interest paid semi-annually in cash, with the first payment due Sept. 1, 2024. The debentures have an early redemption premium of 2 per cent payable on the principal amount outstanding if the company chooses to redeem them prior to maturity. In addition, on Feb. 1, 2024, N. Murray Edwards agreed to purchase $10-million in other debentures that also bear interest at a rate of 12.0 per cent per annum and have a maturity of March 1, 2024. These other debentures will be repaid with the proceeds of the debentures.

The proceeds of the private placement are intended to be used to repay outstanding debentures in the amount of $43,675,000 (plus accrued interest) maturing on March 1, 2024, and for working capital purposes.

Mr. Edwards has agreed to purchase up to $35-million of the debentures, and directors and officers of the company are expected to purchase an aggregate of up to $1.8-million of the debentures. Such participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company has relied on the exemption from the minority shareholder approval requirement of MI 61-101 contained in Section 5.7(1)(f) of MI 61-101 in respect of such insider participation.

About Imperial Metals Corp.

Imperial is a Vancouver-based exploration, mine development and operating company with holdings that include the Mount Polley mine (100 per cent), the Huckleberry mine (100 per cent) and the Red Chris mine (30 per cent). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.

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