Imperial Metals Corporation announced that it plans to issue unsecured non-convertible debentures (the Debentures), with an aggregate principal amount of up to $45,000,000 on a non-brokered private placement basis (the Private Placement). The Debentures have a maturity date of November 1, 2025 and bear interest at a rate of 12.0% per annum, with interest paid semi-annually in cash, with the first payment due September 1, 2024. The Debentures have an early redemption premium of 2% payable on the principal amount outstanding if the Company chooses to redeem them prior to maturity.

In addition, on February 1, 2024, N. Murray Edwards agreed to purchase $10,000,000 in other debentures that also bear interest at a rate of 12.0% per annum and have a maturity of March 1, 2024. These other debentures will be repaid with the proceeds of the Debentures. The proceeds of the Private Placement are intended to be used to repay outstanding debentures in the amount of $43,675,000 (plus accrued interest) maturing on March 1, 2024 and for working capital purposes.