International Millennium Mining Corp. Announces Debenture Financing & Shares for Debt Transactions

VANCOUVER, BC / ACCESSWIRE / March 31, 2020 / International Millennium Mining Corp. (TSXV:IMI) (the "Company" or "IMMC") announces a debenture financing of up to C$171,000, for working capital (the "Debenture Financing").

Under the terms of the Debenture Financing, the Company will issue convertible unsecured debentures at a price of C$1,000 per unit, with each debenture unit consisting of a C$1,000 principal amount 24-month 12% unsecured convertible debenture of the Company (a "Debenture"). The Debenture will be convertible into units at $0.05 principal amount outstanding per unit for the first twelve (12) months of the term and at $0.10 per unit for the remaining twelve (12) months until maturity. Each unit consists of one (1) transferable common share and one (1) common share purchase warrant (together a "Conversion Unit") (resulting in 3,420,000 Conversion Units). Each warrant will entitle the holder to purchase one (1) common share of the Company at an exercise price of $0.05 per share for the initial twelve (12) months and $0.10 per share for the remaining twelve (12) months of the term.

Closing of the Convertible Debenture financing is expected to occur no later than April 15, 2020, subject to approval by the TSX Venture Exchange (the "Exchange"). The Convertible Debentures are sold on a non-brokered private placement basis and all securities issued under the Debenture Financing will be subject to a four (4) month hold period.

In addition, IMMC has entered into shares for debt agreements, pursuant to which the Company will issue 5,959,800 common shares at a deemed price of $0.05 per share, in satisfaction of C$297,990 in trades payable. The indebtedness includes C$100,000 of debt owed to insiders, including officers and directors of the Company, and C$100,000 of debt owed to Cabo Drilling Corp., a company with a common director and officers. IMMC determined to satisfy the indebtedness with common shares in order to preserve its cash for working capital. The shares will be issued upon acceptance of the transaction by the Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.

International Millennium Mining Corp. (TSX-V: IMI) is focused on the exploration and development of its Silver Peak silver-gold project in southwest Nevada. The Company's common shares trade on the Exchange under the symbol: IMI.

ON BEHALF OF THE BOARD

"John A. Versfelt"

John A. Versfelt
President and CEO

Further information about the Company can be found on SEDAR (www.sedar.com) or by contacting Mr. John Versfelt, President & CEO of the Company at 604-527-8135.

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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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: International Millennium Mining Corp.