Imagine Lithium Inc. has closed a private placement of secured convertible notes for gross proceeds of $3.0 million to fund general corporate purposes and advance exploration across the Jackpot project in Ontario.

The five-year notes bear interest at 7.0% per annum and are secured by a first-ranking general security interest over all present and after-acquired assets of the company. The principal amount is convertible into common shares at $0.05 per share in the first year and $0.10 per share thereafter, in multiples of $500,000. Under the financing terms, the investor received a right of first refusal for any lithium offtake produced from company mineral interests. Imagine Lithium also paid finders' fees of $180,000 through the issuance of 3.6 million common shares, subject to a twelve-month and one-day resale restriction. The financing remains subject to final approval by the TSX Venture Exchange.

The capital injection supports an extensive operational pipeline across the 27,597-hectare land package, which was consolidated through strategic acquisitions including the SPOD Lithium Option in December 2025 to create a continuous position in the Georgia Lake Pegmatite Field.

The fall 2026 exploration program focuses on expansion drilling at the Casino Royale deposit and exploration drilling at the Ruth Pegmatite to update the mineral resource inventory. Concurrently, high-blind priority targets including the Jackpot South and Blay Lake areas are being advanced toward a winter 2027 diamond drill program, which will target large lithium-in-soil anomalies coinciding with spodumene-bearing pegmatites. The Cosgrave North Zone is also slated for bedrock stripping and diamond drilling to evaluate potential upper tantalum-bearing vein systems overlying stacked pegmatite dykes.

Read the full announcement: Imagine Lithium Outlines Exploration Program for Jackpot Project and Closing of Convertible Note Financing