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IDM Mining Closes Second Tranche of $6 Million Flow-Through Private Placement
September 13th, 2017, Vancouver, BC – IDM Mining Ltd. (TSX-V:IDM) (OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to report that it has closed the second tranche of the flow-through private placement as announced on August 21, 2017. The second tranche of the offering was comprised of 3,227,500 flow-through common shares of the Company at $0.155 per share, for gross proceeds of approximately $500,262.50.
The non-brokered flow-through financing was primarily subscribed to by several new institutional flow-through funds, as well as existing shareholders and insiders.
The Company will pay to certain finders a total of $30,016 and 193,650 non-transferrable warrants. Each warrant entitles the holder to purchase one common share at a price of $0.23 for a period of twelve months.
The securities issued in the second tranche of the offering are subject to a four-month hold period that will expire on January 14, 2018.
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 Red Mountain
The 17,125 hectare Red Mountain Gold Project is located in northwestern BC, 15 km northeast of the Town of Stewart. IDM recently announced the results of a 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 Company recently submitted its Project Application and Environmental Impact Statement to regulators and stakeholders.
Additional information, including the Company’s NI 43-101 Technical Reports for the Red Mountain gold project, is available at www.idmmining.com and at www.sedar.com.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration and development company based in Vancouver, BC, Canada. The Company’s current exploration and development activities are focused on precious metals in British Columbia, with a primary focus on the high grade underground Red Mountain gold project which has entered the BC and Canadian environmental assessment process.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
President, CEO and Director
For more information, contact:
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