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Imperial Reminds Shareholders of Previously Announced Rights Offering | Your money

VANCOUVER, British Columbia, June 20, 2022 (GLOBE NEWSWIRE) — Imperial Metals Corporation (the “Company”) (TSX: III) would like to remind its shareholders of upcoming deadlines and key details of its previously announced rights offering. (the “Rights Offering”) made to holders of common shares of the Company (“Common Shares”) of record at the close of business (Pacific Time) on May 31, 2022. The rights (“Rights”) will expire at 2 12:00 p.m. (Pacific Time) on June 24, 2022 (the “Expiration Time”), after which any unexercised Rights will be void and of no value.

The Company has issued one right for each outstanding common share. Each right is exercisable to acquire 0.125 common shares of the Company upon payment of the subscription price of $3.04 per common share (referred to as the “Basic Subscription Privilege”). No fractional shares will be issued and any fraction will be rounded down to the nearest whole number. For example: an eligible holder of 10,000 shares on the record date would receive 10,000 rights, which would entitle the holder to subscribe for 1,250 shares (10,000 x 0.125) for a total price of 3,800 CAD (1,250 x CAD 3.04).

Shareholders who fully exercise their Rights will be entitled to subscribe pro rata for additional Common Shares under the Rights Offering, if any, due to Rights not being exercised prior to the Expiry Time, subject to certain restrictions set forth in the Company’s rights offering circular dated May 19, 2022 (the “Rights Offering Circular”).

A Notice of Rights Offering (“Notice”) and Notices of Rights SROs (“Rights SROs”) have been mailed to each registered shareholder of the Company resident in Canada and certain other eligible jurisdictions as of the date of registration. Registered shareholders wishing to exercise their Rights must deliver the completed Rights SDR, together with the applicable funds, to the Rights Agent, Computershare Investor Services Inc., on or before the Expiry Time. Eligible Shareholders who hold their Common Shares through an intermediary, such as a bank, trust company, stockbroker or broker, will receive materials and instructions from their intermediary.

It is important to note that many intermediaries may have different cut-off times before the expiry time. Accordingly, the Company recommends that all eligible shareholders who hold their common shares through an intermediary contact their broker or financial advisor regarding the rights offering to ensure that they can participate before the intermediary’s subscription deadline.

Further details of the rights offering can be found in the rights offering circular, which has been filed on SEDAR under the company’s profile at and are available on the Company’s website at, with your Dealer Representative or by contacting the Chief Financial Officer at 604.488.2658 or by email at [email protected] The Company has also registered the offering and sale of the shares issuable upon the exercise of rights on a registration statement on Form F-7 under the US Securities Act of 1933, as amended. Shareholders in the United States should also review the company’s registration statement on Form F-7 which has been filed with the United States Securities and Exchange Commission and may be viewed at and can also be obtained by contacting the CFO at 604.488.2658 or by email at [email protected]

The rights offering is subject to certain conditions, including, but not limited to, receipt of all necessary regulatory approvals, including acceptance by the Toronto Stock Exchange.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of that jurisdiction.

About Imperial Oil is a Vancouver-based exploration, mining development and mining company. The Company, through its subsidiaries, holds a 30% interest in the Red Chris mine and a 100% interest in the Mount Polley and Huckleberry copper mines in British Columbia. Imperial also has a portfolio of 23 new exploration properties in British Columbia.

Company Contact Information Brian Kynoch | President | 604.669.8959 Darb S. Dhillon | Financial Director | 604.488.2658

Notice on Forward-Looking Information and Risks

Certain information contained in this press release is not statements of historical fact and is “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the Company’s management regarding future events and include, but are not limited to, specific statements regarding the offering of rights , including the timing and consummation of the rights offering, the intended use of proceeds raised under the rights offering and statements regarding subsequent draws on the company’s existing credit facility and the intended use of funds in respect of such levy. In some cases, forward-looking statements can be identified by the use of words such as “anticipates”, “expects” or “does not expect”, “is planned”, “outlook”, “budget” , “expected”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or statements that certain actions , events or results “may”, “could”, “would”, “could” or “would be taken”, “would occur” or “would be achieved” or the negative of these terms or comparable terminology. certain forward-looking statements are identified by words such as “guidance,” “expectations,” “target,” “plan,” “expected,” “estimated,” “calls” and “expected.” Forward-looking information is not based on historical facts, but rather current expectations, beliefs, assumptions, estimates and forecasts regarding the company, industry and markets under which the Company operates, including, among other things, the assumptions that: the Company will receive all necessary regulatory, stock exchange and third-party approvals relating to the Rights Offering; the timing of the Rights Offering will meet the Company’s expectations based on its business and operational needs; the Rights Offering will provide sufficient liquidity to support the Company’s intended use of the proceeds thereof. These statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. We cannot guarantee that forward-looking information will prove to be accurate.

By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed. or implied by forward-looking statements. research statements. These factors include, among others, the risks that the Rights Offering will not provide the liquidity or expected benefits for the Company’s business or operations; the risks that required consents and approvals may not be received in order to advance or complete the Rights Offering; uncertainties relating to the cost of completing the Rights Offering; the risks that could cause the Company to allocate the proceeds of the Rights Offering in a manner other than as disclosed, including all risks relating to the business, financial condition, results of operations and cash flows of the society ; and other risks of the mining industry together with the factors detailed from time to time in the Company’s interim and annual financial statements and MD&A thereon, all of which are filed and available for review at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause the actions, events or results are not those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.