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

IMA Exploration Inc.

August 17, 2005 16:03 ET

IMA Finalizes $7.5 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2005) -

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

IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(FWB:IMT) (WKN 884971) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Capital Corporation and including Paradigm Capital Inc. and First Associates Investments Inc. who have agreed to purchase, on a bought-deal private placement basis, 2,500,000 units of the Company at a purchase price of $3.00 per unit, for total proceeds of $7.5 million. Each unit will consist of one common share and one half common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company for a period of 4 years at $3.45 per share. The underwriters will be paid a commission of 6% cash and 7% underwriter's warrants. The underwriter's warrants will be exercisable at a price of $3.25 per warrant, for a period of twenty four months.

The offering and closing is subject to regulatory approval and normal closing conditions. This financing has a four-month hold period.

This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and registration is available. Not for distribution to US newswire services or for dissemination in the United States.

The proceeds from this financing will be used for general working capital and for further exploration and development of the Company's property portfolio. The Company has over 10 years experience in Argentina and is focused on the environmentally and socially responsible exploration and development of its 100% owned Navidad silver discovery.

ON BEHALF OF THE BOARD

Mr. Joseph Grosso, President & CEO

2005 Number 17

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
    1-800-901-0058 or (604) 687-1828
    or
    IMA Exploration Inc.
    Sean Hurd
    Vice President, Investor Relations
    1-800-901-0058 or (604) 687-1828
    (604) 687-1858 (FAX)
    info@imaexploration.com
    www.imaexploration.com