# EDGAR Filing Document

**Accession Number:** 0001405663
**File Stem:** 0001472375-23-000037
**Filing Date:** 2023-3
**Character Count:** 19648
**Document Hash:** c57e65a1f38ea6952c8295d031ca457c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001472375-23-000037.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001472375-23-000037

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** I-Minerals Inc
- **CENTRAL INDEX KEY:** 0001405663
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 204644299
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55321
- **FILM NUMBER:** 23710098

**BUSINESS ADDRESS:**
- **STREET 1:** 880-580 HORNBY STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3B6
- **BUSINESS PHONE:** 877-303-6573

**MAIL ADDRESS:**
- **STREET 1:** 880-580 HORNBY STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3B6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** i minerals inc
- **DATE OF NAME CHANGE:** 20070705

?xml version="1.0" encoding="utf-8"?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT** 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **<u>March 3, 2023</u>**

**<u>I-MINERALS INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>canada</u>** | &nbsp;&nbsp;**<u>000-55321</u>** | &nbsp;&nbsp;**<u>20-4644299</u>** |
| &nbsp;&nbsp;(State or other jurisdiction of incorporation) | &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(IRS Employer Identification No.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Suite 1100, 1199 West Hastings Street**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vancouver, BC** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V6E 3T5** |
| &nbsp;&nbsp;(Address of principal executive offices) |  | &nbsp;&nbsp;(Zip Code) |
| &nbsp;&nbsp;Registrant's telephone number, including area code | &nbsp;&nbsp;Registrant's telephone number, including area code | &nbsp;&nbsp;**<u>(877) 303-6573</u>** |

---

&nbsp;&nbsp;**N/A**<br>

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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**SECTION 2 – FINANCIAL INFORMATION**

**ITEM 2.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.** 

On March 3, 2023, I-Minerals Inc. (the "Company") completed the sale (the "Disposition") of all of the issued and outstanding common shares of i-minerals USA to BV Lending LLC ("BV Lending") pursuant to a stock purchase agreement dated September 14, 2022 among the Company, i-minerals USA and BV Lending, whereby the Company

i-minerals USA was the Company's wholly owned subsidiary and owns the leases that comprise the Helmer-Bovill Property. BV Lending is an Idaho limited liability company and was the sole lender and sole source of external debt financing to the Company. BV Lending is also an affiliate of BV Natural Resources LLC, the Company's largest shareholder, who beneficially owns 39.4% of the total common shares issued and outstanding of the Company.

The nature and amount of consideration that the Company received are as follows:

• Immediately before completing the Disposition, the Company contributed to i-minerals USA an intercompany debt owed by i-minerals USA to the Company in the amount of approximately US$25.7 million, resulting in the cancellation of the indebtedness.

• At the closing of the Disposition, the Company sold the shares of i-minerals USA to BV Lending for an amount equal to US$3 million (the "Share Value").

• The Share Value was satisfied by BV Lending on a non-cash basis by the set off of US$3 million of debt owed by the Company to BV Lending (the "Set Off").

• Immediately following the Set Off, BV Lending transferred to the Company the balance of the debt owed to BV Lending (which amount was approximately US$35.4 million before the Set Off and US$32.4 million after the Set Off). After the transfer of the balance of the debt owed to by BV Lending to the Company, the Company is no longer be indebted to BV Lending except for the US$450,000 promissory note set forth below.

• The Loan Agreements dated June 1, 2016, September 11, 2018 and October 25, 2019 between the Company, BV Lending and i-minerals USA, as amended from time to time (collectively, the "Loan Agreements"), including all security interests granted thereunder were terminated and/or discharged.

BV Lending has agreed to pay taxes that will become payable by the Company as a result of the transaction (approximately US$450,000). In consideration for such payment by BV Lending, the Company issued a promissory note in favor of BV Lending for the amount of the taxes so paid. The promissory note will be repaid out of any refund received by the Company from the applicable government agency. To the extent that any tax refund received is less than $450,000, BV Lending will forgive any remaining amount owed by the Company under the note.

As a result of completion of the Disposition, BV Lending now owns 100% of the issued and outstanding shares of i-minerals USA and the Company has no assets other than cash on hand.

The Company now meets the definition of a "foreign private issuer" under the Securities Exchange Act of 1934 (the "Exchange Act") and the Company plans to file a Form 15 to terminate and suspend its duty to file reports under the Exchange Act.

**SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT** 

**ITEM 5.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.** 

An annual general and special meeting of the Company was held on March 2, 2023 (the "Meeting"). The following matters voted upon at the meeting and the number of votes cast were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Resolution** | &nbsp;&nbsp;**For** <br>**Shares (%)** | &nbsp;&nbsp;**Withheld/Against** <br>**Shares (%)** |
| &nbsp;&nbsp;Disposition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special resolution (two-thirds majority) | &nbsp;&nbsp;44,188,746<br>(97.37%) | &nbsp;&nbsp;1,195,590<br>(2.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majority of the minority vote (ordinary resolution) under MI 61-101 | &nbsp;&nbsp;6,622,856<br>(84.71%) | &nbsp;&nbsp;1,195,590<br>(15.29%) |
| &nbsp;&nbsp;Number of Directors | &nbsp;&nbsp;45,308,486<br>(99.83%) | &nbsp;&nbsp;75,850<br>(0.17%) |
| &nbsp;&nbsp;Directors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;John Theobald | &nbsp;&nbsp;45,224,933<br>(99.65%) | &nbsp;&nbsp;159,403<br>(0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Barry Girling | &nbsp;&nbsp;45,203,933<br>(99.60%) | &nbsp;&nbsp;180,403<br>(0.40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gary Childress | &nbsp;&nbsp;45,261,933<br>(99.73%) | &nbsp;&nbsp;122,403<br>(0.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wayne Moorhouse | &nbsp;&nbsp;45,261,933<br>(99.73%) | &nbsp;&nbsp;122,403<br>(0.27%) |
| &nbsp;&nbsp;Appointment of BDO Canada LLP | &nbsp;&nbsp;51,299,164<br>(100.00%) | &nbsp;&nbsp;20<br>(0.00%) |
| &nbsp;&nbsp;Stock Option Plan | &nbsp;&nbsp;44,544,693<br>(98.15%) | &nbsp;&nbsp;839,643<br>(1.85%) |
| &nbsp;&nbsp;Continuance to British Columbia | &nbsp;&nbsp;44,273,063<br>(97.55%) | &nbsp;&nbsp;1,111,273<br>(2.45%) |

---

**SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS**

**ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL STATEMENTS AND EXHIBITS.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exhibits**

The following exhibits are either provided with this Current Report or are incorporated herein by reference:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Exhibit <br><u>Number</u> | &nbsp;&nbsp;<u>Description of Exhibit</u> |
| &nbsp;&nbsp;10.1 | &nbsp;&nbsp;Stock Purchase Agreement dated September 14, 2022\*. |
| &nbsp;&nbsp;[99.1](exhibit99-1.htm) | &nbsp;&nbsp;[News Release dated March 2, 2023, announcing the results of the Meeting and News Release dated March 6, 2023 announcing the completion of the Disposition.](exhibit99-1.htm) |

---

\*Previously filed.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **I-MINERALS INC.** |
| Date: March 6, 2023 | By:  | /s/ *John Theobald* |
|  |  | John Theobald |
|  |  | Chief Executive Officer, President and Director |

---

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## Exhibit 99.1

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| | |
|:---|:---|
| ![](logo.gif)<br>| I-Minerals Inc.<br> Suite 1100 – West Hastings Street<br>Vancouver, BC, V6E 3T5<br>Phone: 604.303.6573<br>Fax: 604.684.0642<br>Email: info@imineralsinc.com |

---

**I-Minerals Announces Shareholder Approval of the Disposition of I-Minerals USA**

**Vancouver, B.C. (March 2, 2023) -- I-Minerals Inc. (TSX.V: IMA; OTCQB: IMAHF)** ("the Company") is pleased to announce that the shareholders of the Company have approved the sale of all of the issued and outstanding commons shares of i-minerals USA to BV Lending (the "Transaction") as well as all other motions put forward at the Annual General and Special Meeting (the "Meeting") held on March 2, 2023.

At the Meeting, the Transaction, which was previously announced in a news release dated September 15, 2022 was approved by a special resolution of all shareholders under applicable corporate law, as well as by a simple majority of all shareholders, excluding BV Lending and its related parties, which were required to be excluded from the "majority of the minority" vote pursuant to the requirements of Multilateral Instrument 61-101.

The Company's continuance following the Transaction from the *Canada Business Corporations Act* to the *Business Corporations Act* (British Columbia) was also authorized by special resolution. The re-election of John Theobald, Barry Girling, Gary Childress and Wayne Moorhouse as directors and the appointment of BDO Canada LLP as auditors and the Company's 10% rolling Stock Option Plan were approved by ordinary resolution.

The votes cast for each matter was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Resolution** | &nbsp;&nbsp;**For** <br>**Shares (%)** | &nbsp;&nbsp;**Withheld/Against** <br>**Shares (%)** |
| &nbsp;&nbsp;Disposition Transaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special resolution (two-thirds majority) | &nbsp;&nbsp;44,188,746<br>(97.37%) | &nbsp;&nbsp;1,195,590<br>(2.63%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Majority of the minority vote (ordinary resolution) under MI 61-101 | &nbsp;&nbsp;6,622,856<br>(84.71%) | &nbsp;&nbsp;1,195,590<br>(15.29%) |
| &nbsp;&nbsp;Number of Directors | &nbsp;&nbsp;45,308,486<br>(99.83%) | &nbsp;&nbsp;75,850<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17%) |
| &nbsp;&nbsp;Directors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Theobald | &nbsp;&nbsp;45,224,933<br>(99.65%) | &nbsp;&nbsp;159,403<br>(0.35%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barry Girling | &nbsp;&nbsp;45,203,933<br>(99.60%) | &nbsp;&nbsp;180,403 <br>(0.40%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary Childress | &nbsp;&nbsp;45,261,933<br>(99.73%) | &nbsp;&nbsp;122,403 <br>(0.27%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayne Moorhouse | &nbsp;&nbsp;45,261,933<br>(99.73%) | &nbsp;&nbsp;122,403 <br>(0.27%) |
| &nbsp;&nbsp;Appointment of BDO Canada LLP | &nbsp;&nbsp;51,299,164<br>(100.00%) | &nbsp;&nbsp;20 <br>(0.00%) |
| &nbsp;&nbsp;Stock Option Plan | &nbsp;&nbsp;44,544,693<br>(98.15%) | &nbsp;&nbsp;839,643<br>(1.85%) |
| &nbsp;&nbsp;Continuance to British Columbia | &nbsp;&nbsp;44,273,063<br>(97.55%) | &nbsp;&nbsp;1,111,273<br>(2.45%) |

---

Closing of the Transaction is subject to TSX Venture Exchange final approval. The Company will issue a subsequent news release upon closing of the Transaction.

**About the Company** 

The Company was incorporated under the laws of British Columbia, Canada in 1984. In 2004, the Company changed its corporate jurisdiction from a British Columbia company to a Canadian corporation. In December 2011, the Company amended its articles to change its name from "i-minerals inc." to "I-Minerals Inc."

The Company is engaged in the exploration, evaluation and development of mineral assets including the aforementioned Helmer-Bovill Property. Following the completion of the Transaction, the Company will not have any mineral properties due to the sale of i-minerals USA, which owns the Helmer-Bovill Property. Accordingly, the Company will need to identify and, if successful, acquire a new business, which it will be positioned to do with a balance sheet free of the existing indebtedness that it is currently unable to service. The Company's principal executive office is located at Suite 1100, 1199 West Hastings Street, Vancouver, British Columbia, Canada and the Company's telephone number is (877) 303-6573 or (208) 953-7372. The Company's operations office is located at 13403 N. Government Way, #102, Hayden, Idaho.**I-Minerals Inc.** 

per: "*John Theobald*"

John Theobald,

**President & CEO** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Contact:** | &nbsp;&nbsp;**I-Minerals Inc.** |
|  | &nbsp;&nbsp;Barry Girling |
|  | &nbsp;&nbsp;877-303-6573 or 604-303-6573 |
|  | &nbsp;&nbsp;Email: info@imineralsinc.com <br>Or visit our website at www.imineralsinc.com  |

---

**NEITHER THE 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 NEWS RELEASE.**

This News Release includes certain forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: ability to complete the Transaction (including obtaining all necessary shareholder and regulatory approvals), the need to comply with environmental and governmental regulations, changes in the worldwide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital. Accordingly, actual and further events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

---

| | |
|:---|:---|
| ![](logo.gif)<br>| I-Minerals Inc.<br>Suite 1100 – West Hastings Street<br>Vancouver, BC, V6E 3T5<br>Phone: 604.303.6573<br>Fax: 604.684.0642<br>Email: info@imineralsinc.com |

---

**I-Minerals Announces Closing of Disposition of I-Minerals USA** 

**Vancouver, B.C. (March 6, 2023) -- I-Minerals Inc. (TSX.V: IMA; OTCQB: IMAHF)** ("the Company") is pleased to announce that it closed the previously announced disposition (the "Disposition") of all issued and outstanding shares of i-minerals USA, Inc., an Idaho company that owns the leases that comprise the Helmer-Bovill Property, to BV Lending, LLC an Idaho limited liability company, pursuant to the terms of a Stock Purchase Agreement dated September 14, 2022, as amended, among the Company, BV Lending, LLC and i-minerals USA, Inc.

As a result of the Disposition, the Company has no mineral properties and will need to identify and, if successful, acquire a new business, which it will be positioned to do with a balance sheet free of existing indebtedness. As such, subsequent to closing, the Company will be transferred to the NEX as the Company will no longer meet the TSXV continued listing standards until the Company acquires a new business.

**I-Minerals Inc.** 

per: "*John Theobald*"

John Theobald,

**President & CEO** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Contact:** | &nbsp;&nbsp;**I-Minerals Inc.** |
|  | &nbsp;&nbsp;Barry Girling |
|  | &nbsp;&nbsp;877-303-6573 or 604-303-6573 |
|  | &nbsp;&nbsp;Email: info@imineralsinc.com <br>Or visit our website at www.imineralsinc.com  |

---

**NEITHER THE 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 NEWS RELEASE.**

This News Release includes certain forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: ability to complete the Transaction (including obtaining all necessary shareholder and regulatory approvals), the need to comply with environmental and governmental regulations, changes in the worldwide price of mineral market conditions, risks inherent in mineral exploration, risk associated ,with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital. Accordingly, actual and further events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

------