SCD.V · 2021-12-31 12:00:00

Imperial Mining Announces Closing of a $3,000,000 Private Placement of Shares

Financings

Imperial Mining Announces Closing of a $3,000,000 Private

Placement of Shares

MONTREAL, QUEBEC – December 31, 2021 – Imperial Mining Group Ltd. (“Imperial”) (TSX

VENTURE: IPG; OTCQB: IMPNF ) is pleased to announce that it has closed today a non -brokered

private placement (“ Offering”) of 14,634,148 shares on a “flow-through” basis at a price of $0. 205 per

share (each, a “Share”) for gross proceeds of $3,000,000.34 or a 46.4% premium to IPG’s current share

price.

“I am very pleased with the positive response for this important flow-through private placement,” said

Imperial President & CEO, Peter Cashin. “This financing added important, new high -net worth

international investors into the Imperial Mining fold. I believe that our successful financings and recent

awarding of Government-sponsored R&D grants shows a greater recognition of the potential that scandium

has as a significant Canadian industrial development.”

Imperial will use the proceeds of the Offering to complete exploration drilling of the Corporation’s Crater

Lake scandium-rare earth mineralized targets, convert the existing TG Zone inferred resource to Indicated

category, optimize the recently Patented metallurgical recovery flow sheet for the project and for other

corporate purposes. An 18-tonne bulk sample collected earlier this summer will ultimately be used for input

in a planned scandium recovery pilot plant later in 2022.

The Shares were issued as part of a charity flow-through arrangement. No commission or finders’ fee was

paid by the Corporation in connection with this Offering. The Offering is between arm’s length parties and

all securities issued pursuant to th e Offering are subject to the applicable statutory hold period of four

months and one day from the closing . The Offering is subject to the final approval of the TSX Venture

Exchange.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology

metals projects in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and on the OTCQB

Exchange as “IMPNF” and is led by an experienced team of mineral exploration and development professionals with

a strong track record of mineral deposit discovery in numerous metal commodities.

For further information please contact:

Peter J. Cashin

President and Chief Executive Officer

Phone: +1 (514) 360-0571

CHF Capital Markets

Cathy Hume, Chief Executive Officer

Phone: +1 (416) 868-1079 x251

Website: www.imperialmgp.com Twitter: @imperial_mining Facebook: Imperial Mining Group

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.