Mr. Thomas Conway reports

I-MINERALS INC. ANNOUNCES DEBT SETTLEMENT AND AMENDMENT TO LOAN AGREEMENT

A company controlled by Allen Ball, the chairman and a director of I-Minerals Inc., has elected to have accrued interest for the period from June 1, 2015, to Nov. 30, 2015, settled by the issuance of common shares in the capital of the company. The company will settle $743,005 of accrued interest by the issuance of 2,948,431 common shares at a deemed price of 25.2 cents per share, subject to regulatory acceptance, as provided for in the loan agreements pursuant to which this interest has been accrued.

The proposed issuance of these shares has been made pursuant to the exemption from the registration provided by Rule 506 of the Securities Act of 1933, as amended, on the basis of representations provided by the investor that it is an accredited investor, as that term is defined in Rule 501 of the U.S. Securities Act. The company did not engage in any form of general solicitation or general advertising in connection with the proposed issuance of these shares.

These shares may only be resold pursuant to an effective registration statement under the U.S. Securities Act and any applicable state securities laws or pursuant to another exemption from registration of the U.S. Securities Act and any applicable state securities laws. Under Canadian securities laws, the shares are subject to a hold period for a period of four months and one day from the date of issuance.

The company also announces that it has negotiated an amendment to its loan agreement with the company controlled by Mr. Ball (see the company's Feb. 19, 2015, news release), pursuant to which up to an additional $1-million (U.S.) will be advanced to the company in tranches over the months January through May, 2016, with all of the other terms and conditions of the loan agreement to remain in effect, including provisions for security for advances, the potential payment of interest either in cash or in common shares and the issuance of bonus shares and bonus warrants to the lender, pursuant to the provisions of TSX Venture Exchange Policy 5.1.

We seek Safe Harbor.