CAN$4.1 million non-brokered private placement for IDM Mining
Published by Claire Cuddihy,
Assistant Editor
Global Mining Review,
IDM Mining Ltd. (IDM) has announced a non-brokered private placement financing to sell flow-through shares at a price of CAN$0.07 per flow-through share and non-flow-through units at a price of CAN$0.06 per common unit, for aggregate gross proceeds of up to CAN$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 CAN$0.085 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 towards exploration and development activities on the company’s Red Mountain Gold Project (Red Mountain), located near Stewart in British Columbia 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.
Read the article online at: https://www.globalminingreview.com/finance-business/08102018/can41-million-non-brokered-private-placement-for-idm-mining/
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