Imperial Metals Corporation announced a non-brokered private placement of up to 7,000,000 common shares at an issue price of CAD 2.40 per share for the gross proceeds of CAD 16,800,000 on August 15, 2023. Closing of the Private Placement is anticipated to occur in stages with final closing on or about August 31, 2023 and is subject to certain conditions including, but not limited to, the receipt of all applicable regulatory approvals including approval of the Toronto Stock Exchange. All securities issued in connection with the Private Placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws.

The transaction will include include participation from individual investor N. Murray Edwards for 3,500,000 shares at an issue price of CAD 2.40 for the gross proceeds of CAD 8,400,000 and directors and officers of the Company have agreed to purchase for 458,000 Shares at an issue price of CAD 2.40 for the gross proceeds of CAD 1,099,200.