IDM Mining Announces Results of AGM and Closes First Tranche of Private Placement
IDM Mining Announces Results of AGM and Closes First Tranche of
July 2, 2015, Vancouver, BC – IDM Mining Ltd. (TSX:IDM) (“IDM” or the “Company”) is pleased to announce the results of the Company’s annual general meeting (“Meeting”) of shareholders held on June 30, 2015 and that it has closed the first tranche of its non-brokered private placement announced on May 19, 2015 and June 16, 2015 (the “Offering”) for gross proceeds of $716,775.
The closing of the first tranche of the Offering consisted of 6,943,750 common shares units
(“Common Share Units’’) at a price of $0.10 per Common Share Units and 160,000 flow-through share units (“Flow-Through Units”) issued at a price of $0.14 per Flow-Through Unit, for aggregate gross proceeds of $716,775. Further tranches of the Offering to raise additional aggregate gross proceeds of up to $1,783,225, including the committed investment from Lake Shore Gold Corp, (2,500,000 Common Share Units) and Delbrook Capital Advisors Inc. (7,142,857 Flow-Through Units), are expected to close later in the month and prior to and subsequent to the second 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.
Finders’ fees payable in connection with the first tranche of the Offering consisted of a total $13,300 and 130,200 finder’s warrants.
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.
Annual General Meeting
The Company reports that, at the Meeting, all resolutions presented in the management information circular and proxy were approved, which included (i) setting the number of directors at five; (ii) the election of Michael McPhie, Robert McLeod, David Parker and Andrew Farncomb to the Board of Directors; (iii) the reappointment of Davidson & Company as auditors of the
Company; (iv) the Company’s Advance Notice Policy; and (v) the issuance of shares pursuant to an Offering.
Detailed results of the election of the directors are set out below:
Additional details will be provided in a Report of Voting Results to be filed on Sedar.
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 if 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.
President, CEO and Director
For more information, contact:
Robert McLeod 604-681-5672 direct 604-617-0616 cell email@example.com