MONTREAL, Dec. 23, 2022 (GLOBE NEWSWIRE) — Imperial Mining Group Ltd. (“Imperialor the “group“) IPG is pleased to announce that today it has closed the first tranche of a non-brokered private placement (the “offer“) of 3,670,708 shares on a flow-through basis at a price of $0.11 per share for maximum gross proceeds of $500,000 and 422,223 units (each a “Unit“) at a price of $0.09 per unit for maximum gross proceeds of $500,000. Each unit consists of one (1) common share (each a “share“) and one-half (1/2) share purchase warrant, with each whole warrant entitling the holder to purchase one (1) additional share of the Company at a price of $0.14 for a period of 24 months from the Closing Date.

The Company has thus achieved aggregate gross proceeds of $441,778.08 and the Offer is set for aggregate gross proceeds of up to $1,000,000.

The Company will use the proceeds from the Offering to complete exploration drilling at the Southern Lobe of the Company’s Crater Lake scandium-rare earth zone above the -100m vertical level of the TG Zone, complete process flowsheet optimization work and other corporate purposes.

In connection with the Offering, the Company paid finder’s fees totaling $20,240 in cash to finders, all of whom are at a distance from the Company, and issued 184,000 warrants, each warrant entitling the holder to purchase one (1) share of the Company at a price of $0.14 for 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 (4) months and one (1) day from closing. The offering is subject to final approval by the TSX Venture Exchange.

Two directors of the Company, namely Jeff Swinoga and Alain Bureau, each acquired 111,112 and 111,111 units respectively in the offering and this transaction will be classified as a “related party transaction” for the purposes of…