Imperial Metals Corporation announced that it is planning to issue unsecured non-convertible debentures (the Debentures), with an aggregate principal amount of up to $20,000,000 on a non-brokered private placement basis (the Private Placement). The Debentures have a maturity date of July 1, 2025 and bear interest at a rate of 12.0% per annum, with interest paid semi-annually in cash, with the first payment due May 1, 2024. The proceeds of the Private Placement are intended to be used to fund the operation and development at the Company?s Red Chris mine and for general working capital purposes.

N. Murray Edwards has agreed to purchase up to $12,500,000 of the Debentures. Such participation is considered to be a ?related party transaction? as defined under Multilateral Instrument 61-101 (?MI 61-101?) Protection of Minority Security Holders in Special Transactions (MI 61-101).

The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.