IMA Exploration Inc.
TSX VENTURE : IMR
FRANKFURT : IMT
BERLIN : IMT
AMEX : IMR

IMA Exploration Inc.

September 12, 2005 16:00 ET

IMA Closes $10 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 12, 2005) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US WIRE SERVICES

IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(BERLIN:IMT)(FWB:IMT) is pleased to announce that it has closed its private placement, led by Canaccord Capital Corporation and including Paradigm Capital Inc. and First Associates Investments Inc., of 2,500,000 units at a purchase price of $3.00 per unit, for total proceeds of $7.5 million. The over-allotment option to purchase an additional 833,340 units was exercised, for a total of 3,333,340 units issued, providing total gross proceeds to the Company of $10,000,020. Each unit consists of one common share and one half common share purchase warrant. Each full warrant entitles the holder thereof to purchase one additional common share in the capital of the Company at a price of $3.45 per share until September 14, 2009. The underwriters have been paid a commission of 6% cash and 7% (233,334) underwriter's warrants. Each underwriter's warrant is exercisable for one share at a price of $3.25, for a period of twenty four months, expiring on September 12, 2007.

The common shares forming part of the units, the share purchase warrants and the common shares issuable upon exercise of the warrants are subject to a four month hold period expiring on January 13, 2006.

The Company intends to have the share purchase warrants listed on the TSX Venture Exchange effective upon the expiry of the four month hold period, subject to the approval of the Exchange.

ON BEHALF OF THE BOARD

Mr. Joseph Grosso, President & CEO

2005 Number 20

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • IMA Exploration Inc.
    Joseph Grosso
    President & CEO
    (604) 687-1828 or Toll Free: 1-800-901-0058
    or
    IMA Exploration Inc.
    Sean Hurd
    Vice President, Investor Relations
    (604) 687-1828 or Toll Free: 1-800-901-0058
    (604) 687-1858 (FAX)
    info@imaexploration.com
    www.imaexploration.com