Proceeds used for permitting, engineering and development activities
By Devika Patel
Knoxville, Tenn., May 19 – IDM Mining Ltd. said it will conduct a C$2 million non-brokered private placement of units.
The company will sell up to 20 million units. It will sell common-share units of one common share and a half-share warrant at C$0.10 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.14 per unit.
Each whole common-share warrant is exercisable at C$0.15 for two years. The strike price is a 25% premium to the May 18 closing share price of C$0.12.
Each whole flow-through warrant is exercisable at C$0.18 for two years. The strike price is a 50% premium to the May 18 closing share price.
Proceeds will be used for permitting, engineering and development activities at the Red Mountain Property near Stewart, B.C., and for working capital purposes.
IDM is a precious metal explorer in Vancouver, B.C.
| Issuer: | IDM Mining Ltd.
|
| Issue: | Units of one flow-through common share and one half-share warrant, common-share units of a common share and one half-share warrant
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| Amount: | C$2 million
|
| Units: | 20 million (maximum)
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Agent: | Non-brokered
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| Pricing date: | May 19
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| Stock symbol: | Toronto: IDM
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| Stock price: | C$0.12 at close May 18
|
| Market capitalization: | C$5.36 million
|
|
|
| Common-share units
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| Price: | C$0.10
|
| Warrant strike price: | C$0.15
|
|
|
| Flow-through units
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| Price: | C$0.14
|
| Warrant strike price: | C$0.18
|
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