I-Minerals Inc. negotiates extension to loan agreement
December 11, 2017 (Source) — I-Minerals Inc. (TSX VENTURE: IMA) (OTCQB: IMAHF) (the “Company”) announces that it has negotiated an extension agreement to its existing loan agreement (the “Loan Agreement”) with a company controlled by its President Allan Ball (the “Lender”), pursuant to which the Loan Agreement has been amended as follows:
(a) the Company has agreed to pay a loan extension fee of approximately $168,000 U.S., representing one percent (1%) of the total amount of the Indebtedness (as defined in the Loan Agreement), which amount will be added to and form part of said Indebtedness;
(b) the date for the repayment of the Indebtedness has been extended to the earlier of:
(i) March 31, 2019; and
(ii) in the event the Company receives the requisite financing for the capital expenditures required to put its Bovill Kaolin Project into full commercial production, five (5) business days following the closing of said financing;
(c) the schedule of the $2,965,000 U.S. to be advanced by the Lender pursuant to the Loan Agreement has been extended through December 2017.
About I-Minerals Inc.
I-Minerals is developing multiple deposits of high purity, high value halloysite, quartz, potassium feldspar and kaolin at its strategically located Helmer-Bovill property in north central Idaho. A 2016 Feasibility Study on the Bovill Kaolin Deposit led by led by GBM Engineers LLC, who were responsible for overall project management and the process plant and infrastructure design, including OPEX and CAPEX calculated an After Tax NPV of US$249.8 million with a 25.8% After Tax IRR of 25.8%. Inital CAPEX was estimated at $108.3 million with a 3.7 year After Tax payback. Other engineering services were provided by HDR Engineering, Inc. (all environmental components; hydrology / hydrogeology; road design); Tetra Tech, Inc. (tailings storage facility design); Mine Development Associates (mine modelling; ore scheduling; mineral reserve estimation); and SRK Consulting (U.S.) Inc. (mineral resource estimation). The Project has received mine and water permits from the State of Idaho.
per: “Thomas M. Conway“
Thomas M. Conway,
President & CEO
NEITHER THE 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 NEWS RELEASE.
This News Release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the world wide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital.
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