Imperial Metals Corporation

Imperial Metals Corporation

September 18, 2007 17:01 ET

Imperial Announces Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2007) - Imperial Metals Corporation (TSX:III) announces that the Toronto Stock Exchange (the "TSX") has accepted for filing the Company's Notice for its normal course issuer bid (the "Bid") to be transacted through the facilities of the TSX.

Pursuant to the Bid, the Company may purchase up to 1,305,150 common shares, which represents 10% of the public float and approximately 4% of the total 32,687,465 common shares of the Company issued and outstanding as of September 12, 2007. Purchases will be made, at the discretion of the Company at prevailing market prices, commencing September 20, 2007 and ending September 19, 2008. Pursuant to TSX policies, daily purchases made by the Company will not exceed 11,787 common shares or 25% of the Company's average daily trading volume of 47,148 common shares on the TSX, subject to certain prescribed exceptions. The Company intends to hold all shares acquired under the Bid for cancellation. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.

The Board of Directors believes the underlying value of Imperial may not be reflected in the current market price of Imperial's common shares, and the Board has determined that the Bid is in the best interest of the Company and its shareholders. Since listing on the TSX in April 2002, the Company has not repurchased any of its outstanding common shares.

A copy of the Company's Notice filed with the TSX may be obtained by any shareholder, without charge, by contacting the Company's Chief Financial Officer.

Imperial is a mine development and operating mining company based in Vancouver, British Columbia. The Company's key properties are the Mount Polley open pit copper/gold producing mine (100% interest) in central British Columbia, the Huckleberry open pit copper/molybdenum producing mine (50% interest) in northern British Columbia, the development stage Red Chris property (100% interest) in northern British Columbia and the Sterling gold mine (100% interest) in southwest Nevada.

Contact Information

  • Imperial Metals Corporation
    Brian Kynoch
    (604) 669-8959
    (604) 687-4030 (FAX)
    Imperial Metals Corporation
    Andre Deepwell
    Chief Financial Officer
    (604) 488-2666
    Imperial Metals Corporation
    Sabine Goetz
    Investor Relations
    (604) 488-2657