You can use your smart phone to browse stories in the comfort of your hand. Simply browse this site on your smart phone.

    Using an RSS Reader you can access most recent stories and other feeds posted on this network.

    SNetwork Recent Stories

IDM Mining Announces Closing of Second Tranche of Non-Brokered Private Placement

by ahnationtalk on July 21, 2015426 Views

July 21, 2015, Vancouver, BC – IDM Mining Ltd. (TSX:IDM) (“IDM” or the “Company”) is pleased to announce that it has closed the second tranche of its non-brokered private placement announced on May 19, 2015 and June 16, 2015 (the “Offering”) for gross proceeds of $642,928.

The closing of the second tranche of the Offering consisted of 640,000 common share units

(“Common Share Units’’) at a price of $0.10 per Common Share Unit and 4,135,200 flow-through share units (“Flow-Through Units”) issued at a price of $0.14 per Flow-Through Unit, for aggregate gross proceeds of $642,928. The Company anticipates closing a third tranche to raise additional aggregate gross proceeds of up to $1,140,297, including the committed investment from Lake Shore Gold Corp, (2,500,000 Common Share Units) and Delbrook Capital Advisors Inc. (the remaining 3,007,657 Flow-Through Units of the committed 7,142,857 Flow-Through Units), if shareholder approval is obtained at the meeting of shareholders on July 28, 2015 (refer to IDM’s new release dated June 16, 2015).

Each Common Share Unit consists of one common share of the Company (a “Common Share”) and one-half of one non-transferable share purchase warrant, with each such whole warrant entitling the holder thereof to acquire one Common Share at a price of $0.15 for a period of twenty-four (24) months.

Each Flow-Through Unit consists of one flow-through common share and one-half of non-transferable share purchase warrant, with each whole warrant entitling the holder thereof to acquire one non flow-through Common Share at a price of $0.18 for a period of twenty-four (24) months.

Certain directors and officers of the Company, being Robert McLeod, Michael McPhie, Andrew Farncomb and Susan Neale participated in the Offering by acquiring an aggregate of 440,000 Common Units (or an aggregate of 660,000 shares, assuming exercise of their warrants) for an aggregate subscription of $44,000. The shares comprising such Common Units (excluding shares issuable under the warrants) represent approximately 0.8% of the Company’s currently issued and outstanding shares on a non-diluted basis (or approximately 1.2%, assuming exercise of their warrants). Such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI-61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of units issued to, nor the consideration paid by, such directors or officers will exceed 25% of the Company’s market capitalization. Pursuant to MI 61-101, the Company did not file a material change report more than 21 days before the expected closing of the Offering as the details of the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.

No finders’ fees were paid in connection with the second tranche of the Offering.

Net proceeds from the Offering will be used for continued permitting, engineering and development activities on its Red Mountain Property, located near Stewart BC and for working capital purposes.

ABOUT RED MOUNTAIN

IDM Mining is currently earning an option to acquire a 100% interest in the 17,125 hectare Red Mountain property, located 15 kilometers northeast of Stewart, BC. Numerous precious and base metal targets have been identified by IDM and previous operators over a 15 km by 4 km trend of strong alteration and mineralized prospects. Since discovery in 1989, in excess of $40 million has been spent on the Project including a production sized underground ramp.

IDM announced positive results from a NI 43-101 PEA and revised Resource Estimate completed by JDS Energy & Mining Ltd. for Red Mountain (refer to IDM’s news release dated July 23, 2014 and the technical report entitled “Red Mountain Gold Project” dated September 3, 2014 which is available on SEDAR and the Company’s website).

At a 3.0 g/t Au cutoff, Measured and Indicated Resources from the Marc and AV Zones at Red Mountain are 1,454,300 tonnes averaging 8.15 g/t Au and 29.57 g/t Ag totaling 380,900 oz Au and 1,382,800 oz Ag. Inferred Resources from the Marc, AV and JW Zones are 332,900 tonnes averaging 7.69 g/t Au and 12.72 g/t Ag totaling 82,300 oz Au and 136,200 oz Ag.

The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Robert McLeod, P.Geo, President and CEO of IDM Mining Ltd. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained within this release.

ABOUT IDM MINING LTD.

IDM Mining Ltd. is a mineral exploration company (TSX: IDM) based in Vancouver, BC, Canada. The Company’s current exploration activities are focused on precious metals in British

Columbia. Further information can be found on the Company’s website at www.IDMmining.com.

ON BEHALF OF THE BOARD

of IDM Mining Ltd.

“Robert McLeod”

President, CEO and Director

For more information, contact:

Robert McLeod
604-681-5672 direct
604-617-0616 cell
rm@idmmining.com

NT3

Send To Friend Email Print Story

Comments are closed.

NationTalk Partners & Sponsors Learn More