Imperial Announces Normal Course Issuer Bid

VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (“Imperial” or the “Company”) (TSX:III) announces the Toronto Stock Exchange (the “TSX”) has accepted the Company’s Notice of Intention to make a Normal Course Issuer Bid (the “Bid”) to be transacted through the facilities of the TSX or alternative Canadian trading systems.

Pursuant to the Bid, the Company may purchase up to 809,357 common shares, which represents 0.5% of the total 161,871,341 common shares of the Company issued and outstanding as of May 14, 2024. Purchases will be made, at the discretion of the Company, at prevailing market prices, commencing May 17, 2024 and ending no later than May 16, 2025. Pursuant to TSX policies, daily purchases made by the Company will not exceed 11,694 common shares or 25% of the Company’s average daily trading volume of 46,777 common shares on the TSX, subject to certain prescribed exceptions.   The common shares acquired under the Bid will be used to satisfy the Company’s obligations under its Non-Management Directors’ Plan and Amended and Restated Share Purchase Plan (the “Plans”). The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company. In the previous 12 months, the Company has repurchased 190,000 of its outstanding common shares at a volume weighted average price per share of $2.16 through the facilities of the TSX. The maximum number of common shares sought and approved by the TSX under the terms of the previous Bid was 774,357. The common shares have or will be allocated to satisfy the Company’s obligations under the Plans. A copy of the Company’s Notice filed with the TSX may be obtained by any shareholder, without charge, by contacting the Company’s Chief Financial Officer.

About Imperial

Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia. These properties have defined areas of mineralization and clear exploration potential. Management continues to evaluate various opportunities to advance many of these properties.