SEC Contract Filing

Filing Date: 2016-09-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>6
<FILENAME>exhibit10-12.htm
<DESCRIPTION>LOAN AGREEMENT DATED JUNE 1, 2016
<TEXT>
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<title>Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.12</title>
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<p align="justify" style="margin: 0px; text-align: justify;"><b>THIS LOAN AGREEMENT</b> (&#8220;this Agreement&#8221;) is
dated June 1, 2016.</p>

<p align="justify" style="margin: 0px; text-align: justify;">&nbsp;</p>

<p align="justify" style="margin: 0px; text-align: justify;"><b>AMONG</b>:</p>

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<p align="justify" style="margin: 0px 96px; text-align: justify;"><b><u>I-Minerals Inc.</u></b>, a body
corporate, continued under the laws of Canada, having its head office at Suite 880
&#8211; 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;">&nbsp;</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;">(hereinafter
called the &#8220;Company&#8221;)</p>

<p align="right" style="margin: 0px; text-align: right;"><b>OF THE FIRST PART</b></p>

<p align="justify" style="margin: 0px; text-align: justify;"><b>AND</b>:</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;"><b><u>i-minerals USA Inc.</u></b>, an Idaho
limited liability company, having an office c/o the Company, at Suite 880 &#8211; 580
Hornby Street, Vancouver, British Columbia, Canada V6C 3B6</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;">&nbsp;</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;">(hereinafter
called the &#8220;Subsidiary&#8221;)</p>

<p align="right" style="margin: 0px; text-align: right;"><b>OF THE SECOND PART</b></p>

<p align="justify" style="margin: 0px; text-align: justify;"><b>&nbsp;</b></p>

<p align="justify" style="margin: 0px; text-align: justify;"><b>AND</b>:</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;"><b><u>BV Lending, LLC</u></b>, an Idaho
limited liability company, having its head office at Suite 201 &#8211; 901 Pier View
Drive, Idaho Falls, Idaho, U.S.A. 83402</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;">&nbsp;</p>

<p align="justify" style="margin: 0px 96px; text-align: justify;">(hereinafter
called &#8220;BV&#8221;)</p>

<p align="right" style="margin: 0px; text-align: right;"><b>OF THE THIRD PART</b></p>

<p align="justify" style="margin: 0px; text-align: justify;"><b>&nbsp;</b></p>

<p align="justify" style="margin: 0px; text-align: justify;"><b>WHEREAS:</b></p>

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<td nowrap style="width:0.5in;">A.

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<td style="text-align:justify;">Pursuant to an agreement among the parties made as of January 27, 2014, as amended by an amending agreement dated December 4, 2014 (hereinafter collectively called the &#8220;Amended and Restated Loan Agreement&#8221;), the parties revised certain of the terms and conditions of each of the Initial Agreement (as hereinafter defined) and the Second Agreement (as hereinafter defined), and provided that all cash advances to the Company pursuant to either the Initial Agreement and the Second Agreement, together with all future cash advances subsequent to the Effective Date thereof, were consolidated into one agreement (with capitalized terms used in this Recital A. having the definitions contained in the Amended and Restated Loan Agreement);

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<td nowrap style="width:0.5in;">B.

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<td style="text-align:justify;">Pursuant to an agreement among the parties made as of February 18, 2015, as amended by an amending agreement dated December 1, 2015 (hereinafter collectively called the &#8220;Amended Loan Agreement&#8221;), BV agreed to provide additional funding to the Company to advance its Bovill Kaolin Project in the State of Idaho, U.S.A.;

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<td nowrap style="width:0.5in;">C.

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<td style="text-align:justify;">As of May 31, 2016, BV had made cash advances to the Company of a total of $11,244,280 pursuant to the Initial Agreement, the Second Agreement, the Amended and Restated Loan Agreement and the Amended Loan Agreement;

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<td nowrap style="width:0.5in;">D.

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<td style="text-align:justify;">The Company continues to require additional funding to advance its Bovill Kaolin Project in the State of Idaho, U.S.A.;

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