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Last C$0.28 CAD
Change Today +0.015 / 5.66%
Volume 33.6K
As of 11:53 AM 06/30/15 All times are local (Market data is delayed by at least 15 minutes).

i-minerals inc (IMA) Snapshot

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06/15/15 - C$0.28
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i-minerals inc (IMA) Details

I-Minerals Inc., an exploration stage company, is engaged in the exploration and development of mineral properties. The company explores for feldspar, quartz, and kaolinitic clays, primarily kaolinite and halloysite. It holds a 100% interest in the Helmer-Bovill industrial minerals property comprising 11 mineral leases covering an area of 5,140.64 acres located in Latah County, Idaho. I-Minerals Inc. was founded in 1984 and is headquartered in Vancouver, Canada.

Founded in 1984

i-minerals inc (IMA) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $158.0K
Chief Financial Officer
Total Annual Compensation: $20.1K
Compensation as of Fiscal Year 2014.

i-minerals inc (IMA) Key Developments

Mediation Resolves Hoodoo Resources and Brent Thomson Family Trust Complaint Against I-Minerals

I-Minerals Inc. announced that court-ordered mediation was held on May 28, 2015, in the lawsuit filed against the company by Hoodoo Resources, LLC, and the Brent Thomson Family Trust. The mediation sought to resolve the Plaintiffs' claims against the company, as well as the Company's claims against the Plaintiffs. The company announced that the mediation was successful and the Plaintiffs and the Company entered into an agreement in principle to settle the parties' claims against one another that was documented in a Binding Settlement Term Sheet. The terms of the settlement include 'the broadest release allowed by law' and require that all claims now existing, whether known or unknown, be dismissed with prejudice. The settlement also includes an acknowledgement by the Plaintiffs that 'I-Minerals is the sole owner of the' mineral Leases that are subject to the August 10, 2002 agreement, as amended, between the Company and IIM, and that the Company owns the mineral Leases 'free and clear of all claims of the parties' to the lawsuit. The agreement in principle is subject to Court approval, which the Company believes will be forthcoming in the next thirty (30) days.

I-Minerals Inc. Provides Update on Hoodoo Resources, LLC and Brent Thomson Family Trust Complaint

I-Minerals Inc. announced, further that the complaint filed against the company by Hoodoo Resources, LLC, and the Brent Thomson Family Trust (Plaintiffs) was voluntarily amended by the Plaintiffs on May 8, 2015. By this voluntary amendment, the Plaintiffs have withdrawn all claims of fraud and conspiracy against the company. The Plaintiffs have also dismissed with prejudice director Barry Girling from the lawsuit. The only causes of action remaining against the company are based upon an alleged breach of the August 10, 2002 agreement, as amended, between the company and IIM. I-Minerals also announced that it has filed a Counterclaim against the Plaintiffs seeking damages, in part, for tortious interference with contract and tortious interference with prospective economic advantage. The Counterclaim asserts that the company never breached the IIM Agreement and fully complied with its obligations under the IIM Agreement. The Counterclaim further asserts that the Plaintiffs violated the terms of the IIM Agreement by filing the lawsuit. Management of I-Minerals has steadfastly maintained that there is no merit to any of the allegations made by Plaintiffs, including the remaining claims for breach of contract. Plaintiffs' most recent withdrawal of numerous claims against the company supports and vindicates management's position. Management's position is also supported by a number of Court Orders and actions taken by the Plaintiffs that have steadily reduced and narrowed Plaintiffs' claims against the company. Plaintiffs initially filed a complaint in the United States District Court, District of Idaho, on March 4, 2014, that asserted ten separate causes of action against the Company and its former and current officers and directors based upon allegations of breach of the IIM Agreement, fraud, securities laws violations, and breach of fiduciary duties. Subsequent to I-Minerals filing a Motion to Dismiss, on June 6, 2014, the Plaintiffs voluntary dismissed the Federal lawsuit.

I-Minerals Inc. Announces the Feasibility Study of the Bovill Kaolin Project

I-Minerals Inc. announced that December 16, 2014 all contracts with respect to the feasibility study of the Bovill Kaolin Project (the "FS") have been awarded. Firms participating in the FS include: GBM Engineers LLC, HDR Engineering, Tetra Tech Inc., Mine Development Associates and SRK Consulting.GBM is reviewing the flow sheet designed as part of the June 2014 Prefeasibility Study to determine if process changes can improve the product mix and product quality. The final steps of the bulk sample processing at Ginn Mineral Technology (GMT) in Sandersville, Georgia, which include the preparation of a metakaolin product, brightness studies, and the final drying of the halloysite, are nearing completion. At the Minerals Research Laboratory in Asheville, North Carolina, the quartz/K-spar sand screened from the primary clay by GMT is being dried in preparation for bench scale testing to confirm the parameters for the full pilot plant which is expected to start operation around the first week of February.


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