---
schema_version: "secwatch.filing_event.v1"
accession: "0001472375-23-000037"
form_type: "8-K"
ticker: null
cik: "0001405663"
company_name: "I-Minerals Inc"
filed_at: "2023-03-06T23:59:59+00:00"
generated_at: "2026-06-18T11:21:20.008886+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# I-Minerals completes sale of i-minerals USA to BV Lending; company now has no assets other than cash

## Summary
- Shareholders approved disposition with 97.37% special resolution and 84.71% majority-of-minority vote.
- Consideration: cancellation of ~$25.7M intercompany debt, set-off of $3M debt, and transfer of remaining ~$32.4M debt; company now debt-free except $450k promissory note.
- After sale, company has no mineral properties and only cash on hand; plans to file Form 15 to terminate SEC reporting.
- BV Lending is an affiliate of BV Natural Resources LLC, which beneficially owns 39.4% of I-Minerals shares.

## SEC filing metadata
- accession: 0001472375-23-000037
- form_type: 8-K
- cik: 0001405663
- company_name: I-Minerals Inc
- filed_at: 2023-03-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.01, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/ixform8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001472375-23-000037
- JSON: https://secwatch.observer/filing/0001472375-23-000037.json
- Plain text: https://secwatch.observer/filing/0001472375-23-000037.txt

## Key facts
- M&A Transactions
  I-Minerals Inc completed a disposition involving BV Lending LLC for US$3 million (closed 2023-03-03).
  - Action: disposition
  - Counterparty: BV Lending LLC
  - Consideration: US$3 million
  - Closing: 2023-03-03
  source text: resulting in the cancellation of the indebtedness. • At the closing of the Disposition, the Company sold the shares of i-minerals USA to BV Lending for an amount equal to US$3 million (the “Share Value”). • The Share Value was satisfied by BV Lending on a non-cash basis by the set off of US$3 million of debt owed by the Company to BV Lending (the “Set Off”). •
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- Shareholder Votes
  I-Minerals Inc shareholders approved Continuance to British Columbia at the 2023-03-02 meeting.
  - Outcome: passed
  - Meeting: 2023-03-02
  source text: Continuance to British Columbia 44,273,063 (97.55%) 1,111,273 (2.45%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- Shareholder Votes
  I-Minerals Inc shareholders approved Election of Directors at the 2023-03-02 meeting.
  - Proposal: director election
  - Outcome: passed
  - Meeting: 2023-03-02
  source text: Directors John Theobald 45,224,933 (99.65%) 159,403 (0.35%) Barry Girling 45,203,933 (99.60%) 180,403 (0.40%) Gary Childress 45,261,933 (99.73%) 122,403 (0.27%) Wayne Moorhouse 45,261,933 (99.73%) 122,403 (0.27%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- Shareholder Votes
  I-Minerals Inc shareholders approved Disposition special resolution at the 2023-03-02 meeting.
  - Outcome: passed
  - Meeting: 2023-03-02
  source text: Disposition special resolution (two-thirds majority) 44,188,746 (97.37%) 1,195,590 (2.63%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- Shareholder Votes
  I-Minerals Inc shareholders approved Appointment of BDO Canada LLP at the 2023-03-02 meeting.
  - Proposal: auditor ratification
  - Outcome: passed
  - Meeting: 2023-03-02
  source text: Appointment of BDO Canada LLP 51,299,164 (100.00%) 20 (0.00%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- Shareholder Votes
  I-Minerals Inc shareholders approved Majority of the minority vote under MI 61-101 at the 2023-03-02 meeting.
  - Outcome: passed
  - Meeting: 2023-03-02
  source text: Majority of the minority vote (ordinary resolution) under MI 61-101 6,622,856 (84.71%) 1,195,590 (15.29%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- Shareholder Votes
  I-Minerals Inc shareholders approved Stock Option Plan at the 2023-03-02 meeting.
  - Proposal: equity plan
  - Outcome: passed
  - Meeting: 2023-03-02
  source text: Stock Option Plan 44,544,693 (98.15%) 839,643 (1.85%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm
- Shareholder Votes
  I-Minerals Inc shareholders approved Number of Directors at the 2023-03-02 meeting.
  - Outcome: passed
  - Meeting: 2023-03-02
  source text: Number of Directors 45,308,486 (99.83%) 75,850 (0.17%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1405663/000147237523000037/0001472375-23-000037-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.