Vancouver | August 15, 2023 | Imperial Metals Corporation (the “Company” or “Imperial”) (TSX:III) is pleased to announce a
non-brokered private placement of up to 7,000,000 common shares of the Company (“Shares”) at a price of $2.40 per Share for
gross proceeds of up to $16,800,000 (collectively, the “Private Placement”).
The proceeds from the Private Placement are intended to be used to fund the operation and development at the Company’s
Red Chris mine and for general working capital purposes.
Closing of the Private Placement is anticipated to occur in stages with final closing on or about August 31, 2023 and is subject to
certain conditions including, but not limited to, the receipt of all applicable regulatory approvals including approval of the
Toronto Stock Exchange (the “TSX”). All securities issued in connection with the Private Placement will be subject to a fourmonth hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may
apply under applicable securities laws of jurisdictions outside Canada.
N. Murray Edwards has agreed to purchase up to $8.40 million (up to 3,500,000 Shares) and directors and officers of the
Company have agreed to purchase up to $1.10 million (up to 458,000 Shares). Such participation is considered a related
party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The related party transaction will be exempt from minority approval, information circular and
formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as
neither the fair market value of the gross securities to be issued under the Private Placement nor the consideration to be
paid by the insiders will exceed 25% of the Company's market capitalization.
The securities being offered under the Private Placement have not been, nor will they be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or under the applicable securities laws of any state in the
United States (as defined in Regulation S under the U.S. Securities Act) and may not be offered or sold within the United
States absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This
release does not constitute an offer for sale of securities in the United States.

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%), the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield
exploration properties in British Columbia.