IM Exploration Inc. Completes Initial Public Offering

2019-05-29

OTC - OTC Markets · Gold · Silver · United States

Canada NewsWire

TORONTO, May 29, 2019

TORONTO, May 29, 2019/CNW/ - IM Exploration Inc. (CSE: IM) (the "Company") is pleased to announce the successful completion today of its initial public offering (the "IPO") of 3,000,000 common shares (the "Offered Shares") at a price of $0.10per Offered Share for total gross proceeds of $300,000.

The IPO was led by Haywood Securities Inc. (the "Agent"). The Company has granted the Agent 300,000 non-transferrable share purchase warrants (the "Agent's Warrants") with each Agent's Warrant exercisable into one common share in the capital of the Company (each, a "Share") at the price of $0.10per Share for a period of 24 months from today. In addition, the Agent received a cash fee of $30,000, representing 10% of the gross proceeds raised in the IPO, and a corporate finance fee of $12,500and 100,000 non-transferable share purchase warrants exercisable on the same terms as the Agent's Warrants.

The Shares are now listed on the Canadian Securities Exchange (the "CSE") and will begin trading on May 30under the symbol "IM".

Additionally, pursuant to the Company's Stock Option Plan, the Company has granted options to acquire an aggregate of 725,000 Shares to certain officers, directors and consultants of the Company at an exercise price of $0.10per Share for a period of five (5) years.

About IM Exploration Inc. The Company is a mineral exploration and development company focused on exploring its Mulloy Graphite Property in Northern Ontario.

_Caution Regarding Forward-Looking Information __This news release contains statements and information that, to the extent they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions and estimates of management made based on experience and their perception of trends, current conditions and expected developments, all of which management believes to be reasonable in the circumstances at the date hereof, but which may ultimately prove to be incorrect._

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the outcomes expressed or implied by the forward-looking information herein, including, but not limited to, the statements relating to the Offered Shares commencing trading on the CSE. Accordingly, readers should not place undue reliance on any such forward-looking information. The Company does not undertake any obligation to update any forward-looking information herein to reflect new developments after the date hereof, except as required by applicable securities legislation.

The CSE has neither approved nor disapproved the contents of this news release. The CSE does not accept responsibility for the adequacy or accuracy of this news release.

SOURCE IM Exploration Inc.

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Joel Freudman, President and Chief Executive Officer, Tel: (647) 880-6414Copyright CNW Group 2019