GlobeNewswire Inc | Sep 16, 2021 08:30AM EDT

September 16, 2021

MONTREAL, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (Imperial or the Corporation) (TSX VENTURE: IPG) is pleased to announce that it closed the second and last tranche of a non-brokered private placement (the Offering) of 3,516,666 units (each, a Unit) at a price of $0.15 per Unit, for an aggregate gross proceeds $527,500. The Corporation was thus able to raise a total of $1,346,500 in the Offering with both tranches. Each Unit is comprised of one (1) common share (each a Share) and one (1) a Share purchase warrant (each a Warrant), with each Warrant entitling the holder to acquire one (1) additional Share of the Corporation at a price of $0.20 over a period of twenty-four (24) months from the closing date.

The Corporation will use the proceeds of the Offering to complete exploration on the Corporations Crater Lake TG Zone scandium-rare earth deposit, optimize the metallurgical test work for the project, collect a 50t bulk sample from the property, with the objective of delivering a 43-101 Resource Report and a Preliminary Economic Assessment, and for other corporate purposes. The bulk sample will ultimately be used for input in a planned scandium recovery pilot plant.

In connection with the second tranche of the Offering, the Corporation paid no finders fees. All securities issued pursuant to the Offering are subject to the applicable statutory hold period of four (4) months and one (1) day from the closing. The Offering is subject to the final approval of the TSX Venture Exchange.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Qubec. Imperial is publicly listed on the TSX Venture Exchange as IPG and on the OTCQB Exchange as IMPNF and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

For further information please contact:

Peter J. Cashin CHF Capital MarketsPresident and Chief Executive Iryna Zheliasko, Manager-CorporateOfficer CommunicationsPhone: +1 (514) 360-0571 Phone: +1 (416) 868-1079 x229Email: info@imperialmgp.com Email: iryna@chfir.com

Website:www.imperialmgp.com Twitter: @imperial_mining Facebook:Imperial Mining Group

Neither 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 release.