UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of SEPTEMBER, 2005.
Commission File Number: 001-32558
IMA EXPLORATION INC.
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(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F: FORM 20-F [X] FORM 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): _______
Indicate by check mark whether the registrant by furnishing the information
contained in this Form, is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
YES [ ] NO [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3- 2(b): 82-_____________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned, thereunto duly authorized.
IMA EXPLORATION INC.
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Date: SEPTEMBER 29, 2005 /s/ Joseph Grosso
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Joseph Grosso,
President & CEO
IMA EXPLORATION INC.
(A Grosso Group Company)
Suite 709 - 837 West Hastings Street,
Terminal City Club Tower,
Vancouver, B.C. V6C 3N6
Tel: 604-687-1828 Fax: 604-687-1858 Toll Free: 800-901-0058
Internet: www.imaexploration.com E-mail: info@imaexploration.com
TSX Venture Exchange: IMR OTC Bulletin Board: IMXPF
American Stock Exchange: IMR
Frankfurt & Berlin Exchanges: IMT (WKN 884971)
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NEWS RELEASE - SEPTEMBER 29, 2005
OFFER TO AQUILINE
IMA EXPLORATION INC. (IMR-AMEX, IMR-TSX.V). Mr. Joseph Grosso, President
announces on behalf of the Board that IMA has made an offer to Aquiline
Resources Inc. to settle its litigation claim involving IMA's Navidad Project.
IMA has offered, subject to regulatory approval, the following:
To Aquiline for immediate distribution to Aquiline shareholders:
- 3,500,000 IMA common shares
- 3,500,000 IMA warrants, each having a five-year term entitling the
holder to acquire an IMA common share at $4.00. IMA will apply to
list these warrants for trading on TSX-V upon expiry of the
relevant hold period
To Aquiline:
- a cash payment of $1,000,000
The Board has been advised that IMA has a high probability of success at trial.
However, the offer is being made to avoid or minimize the inherent risks of
litigation, the significant legal costs and the impact that this litigation has
on the Company's business plan to develop Navidad.
A quick resolution of this litigation is in the best interests of the
shareholders of both companies as it will rapidly unlock the true value of IMA
and its Navidad Project. By accepting the offer and becoming shareholders of
IMA, Aquiline shareholders will participate in the significant upside potential
that will continue to be created by the IMA management team. They will also
retain their ownership interest in Aquiline and its many projects.
Aquiline shareholders, under this offer, will receive an assured and
quantifiable benefit immediately and potentially a multiple of that benefit from
their ownership in IMA rather than the uncertainty of the result of a trial.
The offer is open for acceptance until 5:00 PM (Vancouver time) on October 5,
2005.
ON BEHALF OF THE BOARD
/s/ Joseph Grosso
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Mr. Joseph Grosso, President & CEO
For further information please contact Joseph Grosso, President & CEO, or Sean
Hurd, Vice President, Investor Relations, at 1-800-901-0058 or 604-687-1828, or
fax 604-687-1858, or by email INFO@IMAEXPLORATION.COM, or visit the Company's
web site at HTTP://WWW.IMAEXPLORATION.COM.
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or the accuracy of this release. CAUTIONARY NOTE TO US INVESTORS:
This news release may contain information about adjacent properties on which we
have no right to explore or mine. We advise U.S. investors that the SEC's mining
guidelines strictly prohibit information of this type in documents filed with
the SEC. U.S. investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our properties. 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, receipt of property titles, potential mineral recovery
processes, etc. 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.
2005 NUMBER 22