Bv Natural Resources, Llc entered into a letter of intent to acquire i-minerals USA Inc. from I-Minerals Inc. (TSXV:IMA) for CAD 51 million on April 27, 2022. Bv Natural Resources shall purchase i-minerals USA in consideration for cancellation of the indebtedness owed by I-Minerals Inc. to Bv Natural Resources. As of September 13, 2022, Bv Natural Resources, Llc entered into a letter of intent to acquire i-minerals USA Inc. from I-Minerals Inc. for CAD 3 million. Immediately following the Set Off, BV Lending will transfer to I-Minerals the balance of the debt owed by I-Minerals to BV Lending (which debt was approximately $35.4 million (CAD 48 million) before the Set Off). BV considers its due diligence regarding I-Minerals USA to be substantially complete, but the Proposed Transaction remains subject to any further due diligence that BV may consider necessary or desirable to complete prior to the execution of definitive transaction agreements. The transaction is subject to definite agreement being agreed upon both the companies. The Transaction is subject to the approval of the Transaction by shareholders of the I-Minerals and the TSX Venture Exchange. As of March 2, 2023, the shareholders of IMA has approved the transaction. RwE Growth Partners, Inc. acted as fairness opinion provider to the independent members of the Board of Directors and special committee of I-Minerals Inc.

Bv Natural Resources, Llc completed the acquisition of i-minerals USA Inc. from I-Minerals Inc. (TSXV:IMA) on March 3, 2023.