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IDM Mining Announces $4.35 Million Non-Brokered Private Placement
March 21, 2018, Vancouver, BC – IDM Mining Ltd. (TSX-V:IDM) (OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce a non-brokered private placement financing (the “Offering”) to sell flow-through units (“Flow-Through Units”) at a price of $0.09 per Flow-Through Unit and non-flow-through units (“Common Units”) at a price of $0.08 per Common Unit, for aggregate gross proceeds of up to $4.35 million.
Each Common Unit will consist of one common share of the Company (a “Common Share”) and one-quarter of one non-transferable share purchase warrant, with each warrant entitling the holder thereof to acquire one Common Share at a price of $0.12 per Common Share for a period of twenty-four (24) months following the closing of the Offering.
Each Flow-Through Unit will consist of one flow-through common share of the Company (a “Flow-Through Share”) and one-quarter of one non-transferable share purchase warrant, with each warrant entitling the holder thereof to acquire one non-flow-through Common Share at a price of $0.12 per Common Share for a period of twenty-four (24) months following the closing of the Offering.
The warrants issued in the Offering will not be listed for trading.
A maximum of 54,375,000 Common Units are issuable under the Offering, which assumes that the maximum gross proceeds are raised through the issuance of Common Units.
The net proceeds of the Offering will go towards permitting, community relations, First Nation engagement, engineering and development activities of the Company’s Red Mountain Gold Project (the “Project” or “Red Mountain”) located near Stewart, BC and for working capital purposes.
Closing of the Offering is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issued will be subject to a standard four month hold period.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any applicable securities laws of any state of the United States and may not be offered or sold in the United States, or to, or for the account or benefit of a U.S. person (as defined in Regulation S 2 under the 1933 Act) unless registered or pursuant to an available exemption from such registration requirements.
ABOUT IDM AND RED MOUNTAIN
IDM Mining Ltd. is an exploration and development company based in Vancouver, BC, Canada focused on advancing the high-grade, low Capex, Red Mountain Gold Project towards production. The 17,125 hectare Red Mountain Gold Project is located in northwestern BC, 15 km northeast of the mining town of Stewart. In 2017, IDM announced the results of a positive Feasibility Study for a high-grade, underground gold mine, which includes primarily bulk underground mining methods and the production of gold doré on site. The Project is advancing through the provincial and federal environmental assessment processes, with comprehensive, thorough, and ongoing consultation with Nisga’a Nation. The Project is currently in the Application Review phase of the BC Environmental Assessment Office and the Canadian Environmental Assessment Agency.
Additional information, including the Company’s NI 43-101 Technical Reports for the Red Mountain Gold Project, are available at www.idmmining.com and at www.sedar.com.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
President, CEO and Director
For more information, contact:
Vanessa Pickering, Manager Corporate Communications & Development
604-681-5672 ext. 7112 direct
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
photo credit: IDM Mining