17:22:52 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



IDM Mining Ltd
Symbol IDM
Shares Issued 449,064,075
Close 2018-10-04 C$ 0.065
Market Cap C$ 29,189,165
Recent Sedar Documents

IDM Mining arranges $4.1-million financing

2018-10-05 08:50 ET - News Release

Mr. Robert McLeod reports

IDM MINING ANNOUNCES $4.1 MILLION NON-BROKERED PRIVATE PLACEMENT

IDM Mining Ltd. has arranged a non-brokered private placement financing to sell flow-through shares at a price of seven cents per flow-through share and non-flow-through units at a price of six cents per common unit, for aggregate gross proceeds of up to $4.1-million.

Each common unit will consist of one common share of the company and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the holder thereof to acquire one common share at a price of 8.5 cents per common share for a period of 24 months following the closing of the offering.

The warrants issued in the offering will not be listed for trading.

A maximum of 68,333,333 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 toward exploration and development activities on the company's Red Mountain gold project located near Stewart, B.C., 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.

About IDM Mining Ltd.

IDM Mining is an exploration and development company based in Vancouver, B.C., Canada, focused on advancing the Red Mountain gold project toward production. The 17,125-hectare Red Mountain gold project is located in northwestern British Columbia, 15 km northeast of the mining town of Stewart. IDM recently announced increased high-grade, near-surface measured and indicated resources. Located near a paved highway and grid power, IDM envisions bulk underground mining methods at the project, with gold-silver dore produced on site.

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