Company sells flow-through, common units at C$0.45, C$0.40 apiece
By Devika Patel
Knoxville, Tenn., Sept. 23 – IDM Mining Ltd. said it raised C$2 million in the first tranche of a non-brokered private placement of units, which is now slated to raise C$2.6 million. The deal priced for up to C$2 million on Sept. 3.
IDM is selling flow-through units of one flow-through common share and a half-share warrant at C$0.45 per unit and up to 6.5 million common share units of one common share and a half-share warrant at C$0.40 per unit. The company initially planned to sell up to 5 million units in the offering. It sold 3,131,956 flow-through and 1,476,500 common share units in the initial tranche.
Each whole common share unit warrant is exercisable at C$0.50 for two years. Each whole flow-through unit warrant is exercisable at C$0.55 for two years. The strike prices reflect 4.17% and 14.58% premiums to the Sept. 2 closing share price of C$0.48.
The company will use proceeds for continued exploration and development activities on its Red Mountain Property located near Stewart, B.C., and for working capital purposes.
IDM is a mineral exploration company based in Vancouver, B.C.
| Issuer: | IDM Mining Ltd.
|
| Issue: | Flow-through units of one flow-through common share and a half-share warrant, common share units of one common share and a half-share warrant
|
| Amount: | C$2.6 million (maximum)
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 3
|
| Upsized: | Sept. 23
|
| Settlement date: | Sept. 23 (for C$1,999,980)
|
| Stock symbol: | TSX Venture: IDM
|
| Stock price: | C$0.48 at close Sept. 2
|
| Market capitalization: | C$17.67 million
|
|
|
| Flow-through units
|
| Price: | C$0.45
|
| Warrant strike price: | C$0.55
|
|
|
| Common units
|
| Amount: | C$2.6 million (maximum)
|
| Units: | 6.5 million (maximum)
|
| Price: | C$0.40
|
| Warrant strike price: | C$0.50
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
