UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 7, 2019
I-MINERALS INC.
(Exact name of registrant as specified in its charter)
CANADA | 000-55321 | 20-4644299 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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Suite 880, 580 Hornby Street Vancouver, BC |
| V6E 3M4 |
(Address of principal executive offices) |
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Registrant's telephone number, including area code | (877) 303-6573 | |
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
ITEM 7.01 REGULATION FD.
On March 7, 2019, I-Minerals Inc. (the “Company”) issued a news release providing an update on the status of its development plans for the Bovill Kaolin Project. As noted in the news release, with the assistance of a specialist market research organization, the Company has re-evaluated the market demand for quartz, K-spar, metakaolin and halloysite and the barriers to entry for that market, and that the current market is unlikely to support a new operation of the size envisaged in the Company’s March 2016 Feasibility Study completed by GBM Engineers. As such, the Company has taken initial steps to assess the viability of a phased approach to the development of the Bovill Kaolin Project, with lower capital-cost and a focus on metakaolin and halloysite. Also as a result of this market re-assessment, the March 2016 Feasibility Study is no longer current and should not be relied upon, and previously disclosed proven and probable reserve estimates for the Bovill Kaloin Project should no longer be classified or relied upon as such.
Mineral resource estimates for the Bovill Kaolin Project, which were inclusive of reserves, remain unchanged from October 26, 2015. SRK Consultants have been engaged to provide an updated technical report prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
Classification | Short Tons | Sand Short Tons | Kaolin Short Tons | Halloysite Short Tons |
Measured Resource | 5,720,000 | 4,378,000 | 702,000 | 226,000 |
Indicated Resource | 15,530,000 | 8,857,000 | 2,416,000 | 440,000 |
Inferred Resource | 21,260,000 | 13,235,000 | 3,119,000 | 667,000 |
A copy of the Company’s news release is included with this Current Report as Exhibit 99.1.
Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Reserves
The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” as used in this Current Report are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These definitions differ from the definitions in the United States Securities and Exchange Commission (“SEC”) Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended (the “Securities Act”). Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves, and the primary environmental analysis or report must be filed with the appropriate governmental authority.
In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all, or any part, of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of unit measures in a resource is permitted disclosure under Canadian regulations; however, the SEC only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.
Accordingly, information contained in this Current Report and any documents incorporated by reference herein contain descriptions of our mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
Information Provided Pursuant to this Item 7.01 is “Furnished” and Not “Filed”
This information is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
The following exhibits are either provided with this Current Report or are incorporated herein by reference:
Exhibit | Description of Exhibit |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| I-MINERALS INC. | ||
| Date: March 13, 2019 | By: | /s/ Barry Girling |
| Barry Girling | ||
| Director | ||