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Imperial Mining Group Ltd. will host its Annual and Special Meeting of Shareholders on May 19, 2023, at 9:00 a.m. EDT via live audio webcast. Shareholders must submit completed proxy forms by 9:00 a.m. EDT on May 17, 2023. As the company advances its Crater Lake Project, a strategic management reorganization will occur, with founder Peter Cashin stepping down as President and CEO. Alain Bureau, currently a Director, will serve as interim CEO during the transition to a permanent leader. Cashin remains as a strategic advisor, emphasizing the need for new leadership as Imperial aims to strengthen its operations and exploit resources critical for industries including EV and aerospace. Cashin highlighted the potential value of their scandium and rare earth resources, estimated at an NPV of $1.7 billion based on preliminary assessments.
Imperial Mining Group Ltd. has appointed AdvanceCap Inc. to enhance its visibility in capital markets. AdvanceCap, formed by seasoned Bay and Wall Street professionals, will support investor outreach and administrative services. The company's President, Peter Cashin, highlighted significant progress at the Crater Lake scandium property, boasting a $1.7 billion NPV as per the recently delivered PEA. With escalating demand for scandium and rare earth elements, Imperial aims to reduce North America's dependency on less friendly jurisdictions. Imperial will issue 1.25 million options and pay a $2,000 monthly retainer to AdvanceCap.
Imperial Mining Group Ltd. closed the second tranche of a non-brokered private placement, raising $269,204 at $0.09 per unit, totaling $710,982.08 from both tranches. Each unit consists of a common share and half a share purchase warrant, allowing the purchase of additional shares at $0.14 over the next 24 months. Proceeds will fund exploration drilling at the Crater Lake scandium-rare earth zone, process optimization, and corporate purposes. Imperial's CEO emphasized strong investor interest and growth potential in the scandium market, especially in aerospace, automotive, and defense sectors.
Imperial Mining Group Ltd. (OTCQB: IMPNF) has filed patent applications for innovative methods of extracting scandium and rare earth elements from its Crater Lake project. The patent, submitted on December 6, 2022, with the USPTO and CIPO, focuses on high-pressure caustic leaching processes. The company is advancing its Crater Lake flowsheet development program, partially financed by a $245,355 grant from the Quebec government. The program aims to optimize mineral processing by removing olivine from concentrates, enhancing scandium recovery. Results are expected by March 2023, supporting the design of a Pilot Plant set to start later this year.
Imperial Mining Group Ltd. (IMPNF) has successfully closed a non-brokered private placement, issuing 2,000,000 flow-through shares at $0.15 each, garnering gross proceeds of $300,000. These funds will be allocated towards exploration drilling at the Crater Lake scandium-rare earth project and process optimization. The financing has attracted high-net-worth international investors, with further applications for government-sponsored R&D grants highlighting the project's potential. The Offering awaits final approval from the TSX Venture Exchange.
Imperial Mining Group Ltd. (IMPNF) has entered a Collaboration Agreement with Développement Economique Sept-Îles Inc. to establish a scandium and rare earths facility in Sept-Iles, Quebec. This agreement aims to integrate local stakeholders and enhance the project’s acceptance, ensuring cooperation with municipal and provincial authorities, and Indigenous groups. The project emphasizes creating value-added opportunities in Critical Minerals, reflecting the region's shift towards industrial development. Imperial's CEO expressed optimism about the partnership's potential for local economic growth and project success.