Last C$0.22 CAD
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As of 3:45 PM 12/23/14 All times are local (Market data is delayed by at least 15 minutes).

i-minerals inc (IMA) Snapshot

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52 Week High
05/13/14 - C$0.38
52 Week Low
08/21/14 - C$0.18
Market Cap
17.0M
Average Volume 10 Days
2.0K
EPS TTM
C$-0.03
Shares Outstanding
77.3M
EX-Date
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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.

5 Employees
Last Reported Date: 12/24/14
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

I-Minerals Inc. Metakaolin Tests Well, Markets Developing

I-Minerals Inc. announced the results from laboratory and field testing of its Metakaolin product. Metakaolin is a natural pozzolan that is used as a partial replacement or an additive for cement in construction where high strength is needed. Testing completed to date according to ASTM Standards include: ASR Reaction, Chemical and Physical Analysis of a Natural Pozzolan, Accelerated Pozzolan Strength Activity, particle size assessment, compressive strength, and Rapid Chloride Ion Permeability test.

I-Minerals Detailed Metallurgical Work as Part of Feasibility Study Progressing Well

I-Minerals Inc. announced that it had excavated bulk samples totaling approximately 35 tons from 10 sample sites on the Kelly's Hump, Kelly's Hump South, and Middle Ridge portions of the Bovill Kaolin deposit, the first phase of metallurgical work is now complete. The Kelly's Hump bulk sample, which was excavated from seven sample sites, has now been processed via wet blunging and screen separation of the halloysite-kaolinite clay fraction from the quartz-K-spar sand fraction at Ginn Mineral Technology (Ginn) in Sandersville, Georgia. Wet screw classification was also successfully tested for incorporation into the process schematic. Second stage processing on the Kelly's Hump material is nearly complete at Ginn wherein the clay fraction is separated into kaolinite and halloysite using hydrocylone, centrifuge, and differential flotation techniques to yield both standard and high purity halloysite products. The K-spar and quartz bearing sand fraction has been re-packaged for shipment to North Carolina State University's Minerals Research Laboratory (MRL) for flotation separation of the K-spar and quartz. The pilot plant process will include tertiary grinding followed by standard wet flotation to separate the K-spar and quartz, dewatered, and then passed through a dry rare earth magnetic separator to remove residual iron minerals. Previous work at MRL has produced K-spar products with purities greater than 13% K2O. The quartz fraction will be processed using up to three stage flotation, where quartz purities with less than 200 PPM of total impurities have been produced without the use of any acid leaching techniques. At this point the pilot plant at MRL is scheduled to start processing the K-spar and quartz bearing sand fraction in the second half of October. The sample sites were reviewed and confirmed by SRK based on their statistical modeling and will result in the most representative bulk samples of the Bovill Kaolin deposits to date. In particular for the purposes of the Feasibility Study this work is intended to confirm the high purity k-spar and quartz results generated in initial sampling of selective locations are in fact representative of the entire resource including areas of kaolin enrichment/halloysite depletion. I-Minerals anticipates producing about 10.5 tons of quartz, 4.5 tons of K-spar, 3.0 tons of halloysite and 3.25 tons of Kaolin through the respective pilot plants. Beyond confirming the flow sheet and equipment required, the bulk sample will be indicative of the recoverable amounts of minerals contained in the Kelly's Hump area and provide representative product samples to prospective customers for testing as a means of firming up customer interest to the required feasibility levels.

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

I-Minerals Inc. provided update with respect to the complaint filed against the company by W. Robert Lemke (carrying on business as HooDoo Resources) and Brent Thomson Family Trust, each minority members with a 12.5% interest in Idaho Industrial Minerals, LLC (IIM) collectively 'the Plaintiffs'. In the initial complaint filed June 6, 2014 in the Idaho State Court it appeared Thomson and Lemke were attempting to exercise derivative rights without the consent of the majority of the members of IIM to reject consideration paid to IIM with respect to I-Mineral's Helmer-Bovill property in January 2013 pursuant to an August 10, 2002 agreement, as amended, between the company and IIM (IIM Agreement). Counsel for the company can find no precedent or basis in law that minority members of a company have a derivative right to take action for or on behalf of a company in an attempt to return the shares of I-Minerals paid to IIM as consideration for the Helmer-Bovill property. Subsequent to the filing of the case on June 6, 2014 I-Minerals filed a motion to dismiss based upon the inadequacies in the Plaintiffs' complaint. While that motion was pending, counsel for the Plaintiffs sought, and the Court allowed Hoodoo and Thomson to file an amended complaint to correct certain inadequacies; however, the amended complaint has not yet been filed or served on I-Minerals. Also while the motion to dismiss was pending, I-Minerals filed a Motion for Summary Judgment to dismiss all of Plaintiffs' breach of contract claims against I-Minerals. The hearing on I-Minerals' Motion for Summary Judgment was scheduled for August 25, 2014, but the hearing was subsequently continued for 30 days to allow the parties to review allegedly new information with respect to the Fourth Amendment of the IIM Agreement. Information entered into evidence during this 30 day continuance has done nothing to erode management and its counsel's belief that the contract between the Company and IIM was duly completed in accordance with the terms of the IIM Agreement and that the Plaintiffs did not possess any derivative right and were therefore not empowered to bring the action. Nor is there any evidence of deceit that in the opinion of the Company and its counsel is even remotely credible. The hearing on I-Minerals' Motion for Summary Judgment took place on September 25, 2014. At the hearing, counsel for Plaintiffs acknowledged potential problems with their claim for right of reverter of the Mineral Leases but insisted that they still had a claim for damages. The Court has taken I-Minerals' Motion for Summary Judgment under advisement. I-Minerals submits that the IIM Agreement has been completed and that all of Plaintiffs' breach of contract claims should be dismissed based upon several theories, including the fact that IIM never rejected the tender of shares and that the statute of limitations had expired on a number of Plaintiffs' claims. Included in the Motion is a request for a Court Order that the Leases are rightfully owned by I-Minerals. The Plaintiffs have dropped all charges against the company's current President, Thomas Conway, and dismissed all charges with prejudice against the company's former President and CEO Roger Kauffman, who was the senior executive ultimately in charge of the company at the time the alleged breach of contract and deceitful inducement to sign the Fourth Amendment took place.

 

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