VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- 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.
Imperial 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.
Brian Kynoch | President | 604.669.8959
Andre Deepwell | Chief Financial Officer | 604.488.2666
Forward-Looking Information and Risks Notice
Forward-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.