EDITOR: | December 23rd, 2020

Imperial Mining Announces Closing of Oversubscribed Private Placement of Shares

| December 23, 2020 | No Comments
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Imperial Mining Group Ltd. (“Imperialˮ or the “Corporation”) (TSX VENTURE: IPG) is pleased to announce that it closed a non-brokered private placement today (the “Offering”) of 19,623,672 shares on a “flow-though” basis at a price of $0.11 per share and 5,262,500 units (each, a “Unit”) at a price of $0.08 per Unit. Each Unit is comprised of one (1) common share (each a “Share”) and half (1/2) of a Share purchase warrant, with each warrant entitling the holder to acquire one (1) additional Share of the Corporation at a price of $0.12 over a period of 24 months from the closing date.

The Corporation was able to raise a total of $2,579,604.16 in the Offering, $2,158,604.16 in shares and $421,000.00 in Units.

The Corporation will use the proceeds of the Offering to complete definition drilling of the Corporation’s Crater Lake TG Zone scandium-rare earth target and to deliver both a 43-101 Resource Report and a Preliminary Economic Assessment (PEA) by the end of H1 2021 and for other corporate purposes.

“I am very pleased of the positive response that the market has shown for our private placement,” said Imperial President & CEO, Peter Cashin. “The financing was oversubscribed, and we believe that it was motivated by the recent significant announcements in the critical metal space, in particular for scandium and the rare earths. The recognition by manufacturers in the automotive, aerospace, and defense sectors that scandium-modified aluminum alloy materials will become critical inputs into their platforms is an important development. This is particularly so, given the strength of Quebec’s aluminum industry, that scandium-aluminum alloys will become an important value-added product for the province’s aluminum industry.”

In connection with the Offering, the Corporation paid to finders, which are all at arms’ length with the Corporation, finders’ fees for a total of $95,898.28 in cash and issued 890,073 warrants, with each warrant entitling the holder to acquire one (1) Share of the Corporation at a price of $0.12 over a period of 24-months from the closing date.

All securities issued pursuant to the Offering are subject to the applicable statutory hold period of four months and one day from the closing. The Offering is subject to the final approval of the TSX Venture Exchange.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a new Canadian mineral exploration and development company focussed on the advancement of its copper-zinc, gold and technology metals properties in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

For further information please contact:

Peter J. Cashin
President and Chief Executive Officer
Phone: +1 (514) 360-0571
Email: info@imperialmgp.com
CHF Capital Markets
Iryna Zheliasko, Manager-Corporate Communications
Phone: +1 (416) 868-1079 x229
Email: iryna@chfir.com

Website: www.imperialmgp.com          Twitter: @imperial_mining         Facebook: Imperial Mining Group

Neither 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 release.


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