Imperial Provides Operational and Financial Update
November 27 2018 - 8:30AM
Imperial Metals Corporation (the “Company”)
(TSX:III) provides an operational and financial update as follows:
- Imperial has reorganized the management structure at the Red
Chris mine and has appointed its Vice President Operations, Randall
Thompson, as General Manager. In this role he has a mandate to
direct improvements of Red Chris mine operations.
- The Company reports that an action for damages arising out of
the August 4, 2014 failure of the perimeter embankment at the Mount
Polley mine has been settled among all parties to the action in
consideration of net payments to the Company totaling approximately
CDN$108 million. Upon receipt of the payments, a consent dismissal
order will be filed. This settlement represents compromises
of disputed claims and does not constitute an admission of
liability on the part of any party to the action.
- This settlement provides liquidity for the Company to allow the
Special Committee additional time to complete its process of
reviewing identifying, negotiating and potentially implementing all
strategic alternatives including the sale of some of the Company’s
assets, joint ventures, a recapitalization, and a sale or merger of
the Company. The Special Committee has selected a financial advisor
to provide advice through the process.
- In accordance with the existing buyback option, the Directors
of the Company have approved the repurchase of the 0.5% net smelter
return royalty interest in the Red Chris project sold in September
2018. The buyback option provided for the repurchase of this
royalty by the Company for US$17 million, being equal to the
proceeds received on the royalty, plus simple interest at 6% per
annum.
---About ImperialImperial is a
Vancouver exploration, mine development and operating company. The
Company, through its subsidiaries, owns the Red Chris, Mount Polley
and Huckleberry copper mines in British Columbia. Imperial also
holds a 50% interest in the Ruddock Creek lead/zinc property.
Company ContactsBrian Kynoch |
President | 604.669.8959Andre Deepwell
| Chief Financial Officer |
604.488.2666Sabine Goetz | Shareholder
Communications | 604.488.2657 |
investor@imperialmetals.com
Forward-Looking Information and Risks
NoticeForward-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, a specific statement regarding the filing of a consent
dismissal order following receipt of all settlement payments. By
their very nature forward-looking statements involve known and
unknown risks, uncertainties and other factors which 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 the forward-looking
statements. Such factors include, among others, risk factors
detailed from time to time in the Company's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on sedar.com. Although the Company has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as 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.
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