SCD.V · 2023-07-07 12:00:00

Imperial Mining Closes a $1.6 Million Private Placement of Units

Financings

NEWS RELEASE

MONTREAL, QUEBEC – July 7, 202 3 – Imperial Mining Group Ltd. (“Imperialˮ or the

“Corporation”) (TSX VENTURE: IPG) is pleased to announce that it closed today a non-brokered private

placement (the “Offering”) consisting of 17,777,776 units (each, a “Unit”) at a price of $0.09 per Unit for

total gross proceeds of $1,600,000. Each Unit is comprised of one (1) common share (each a “Share”) and

one (1) Share purchase warrant, with each whole warrant entitling the holder to acquire one (1) additional

Share of the Corporation at a price of $0.14 over a period of 24 months from the closing date.

The net proceeds received from the Offering will be used to advance the Corporation’s Crater Lake

Scandium project including a potential new resource calculation, optimizing metallurgy and the process

flow sheet, increase its presence in the US market as well as other corporate purposes.

In connection with this Offering, the Corporation paid to finders, which were all at arm’s length with the

Corporation, finders’ fees for a total of $42,012.18 in cash and issued 466,802 warrants, with each warrant

entitling the holder to acquire one (1) Share of the Corporation at a price of $0.14 over a period of 24

months from the closing date.

All securities issued pursuant to the Offering are subject to the applicable statutory hold period of four (4)

months and one (1) day from the closing date. The Offering is subject to the final approval of the TSX

Venture Exchange.

Two directors of the Corporation, namely Philippe Cloutier and Jeff Swinoga, each acquired, respectively,

100,000 and 111,111 Units in the Offering, and such transaction is considered to be a “related party

transaction” as defined under Multilateral Instrument 61 -101 (“MI 61-101”). The transaction is exempt

from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Corporation

is listed on the TSX Venture Exchange and the fair market value of any Shares issued to or the consideration

paid does no t exceeded 25% of the Corporation’s market capitalization. Imperial did not file a material

change report more than 21 days before the closing of the Offering, as the details of the aforementioned

insiders’ participation had not been confirmed at that time . The board members of Imperial reviewed the

state of the financial market and unanimously determined that the terms and conditions of the Offering,

including the subscriptions of the related parties, were fair and equitable and represented the best strategic

financing option available.

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 Exch ange 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:

Alain Bureau, P. Eng

Interim Chief Executive Officer

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.