-minerals announced Brokered Private and Non-Brokered Private Placements
Vancouver, B.C. (January 19, 2011) i-minerals inc. (TSX.V: IMA) (“i-minerals� or the “Company�)
has agreed to terms on two private placements: a brokered private placement through Canaccord Genuity Corp. and a non-brokered private placement with Company Insiders, both of which bear identical terms. With respect to the first private placement, the Company has engaged Canaccord Genuity Corp. (“Canaccord� or the “Agent�) on a brokered private placement to raise up to $ 2 million through the sale of units (“Units�) on a commercially reasonable efforts basis. Each Unit will be priced at $0.30 and will consist of one common share and one share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.40 for a period of two years from closing. The Company has also granted Canaccord an overallotment option, pursuant to which it will have an option to solicit the sale of additional Units to raise gross proceeds of up to an additional $1 million, exercisable at any time in whole or in part until 48 hours prior to closing (the “Overallotment Option�).
The second private placement will also be for up to $2 million though the sale of units, with each unit having the same terms as the Units being sold pursuant to the brokered private placement. Insiders of the Company will participate in this second private placement.
The funds raised pursuant to the offering will be used to advance the Helmer-Bovill Project and for general working capital purposes.
i-minerals inc.
Per: “Roger Kauffman�
President & CEO
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act�) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Contact:
Barry Girling
Encompass Communications Inc.
