Imperial Announces Normal Course Issuer Bid

VANCOUVER, British Columbia, April 27, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (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 market places.

Pursuant to the Bid, the Company may purchase up to 642,632 common shares, which represents 0.5% of the total 128,526,424 common shares of the Company issued and outstanding as of April 23, 2021. Purchases will be made, at the discretion of the Company at prevailing market prices, commencing April 29, 2021 and ending no later than April 28, 2022. Pursuant to TSX policies, daily purchases made by the Company will not exceed 59,206 common shares or 25% of the Company’s average daily trading volume of 14,801 common shares on the TSX, subject to certain prescribed exceptions.   The shares acquired under the Bid will be used to satisfy the Company’s obligations under its Non-Management Directors’ Plan and 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 107,850 of its outstanding common shares at the average price per share of $2.71. The maximum number of common shares sought and approved by the TSX under the terms of the previous Bid was 642,451. 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. The Company, through its subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a 45.3% interest in the Ruddock Creek lead/zinc property.

Company Contacts

Brian Kynoch | President | 604.669.8959
Darb Dhillon | Chief Financial Officer | 604.488.2658

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, statements regarding the Company’s intentions with respect to the Bid, the purchases and funding of such purchases thereunder and the use of any shares acquired under the Bid.