Non-brokered offering to fund permitting, engineering and development
By Devika Patel
Knoxville, Tenn., Dec. 31 – IDM Mining Ltd. said it settled a C$1.58 million non-brokered private placement of units. The deal priced for C$2.2 million on Dec. 9.
The company sold 5,362,333 non-flow-through units of one common share and one half-share warrant at C$0.09 per unit and 9,989,800 flow-through units of one flow-through common share and a half-share warrant at C$0.11 per unit.
Each whole warrant is exercisable at C$0.14 for two years. The strike price reflects an 85.71% premium to C$0.07, the Dec. 8 closing share price.
Proceeds will be used for permitting, engineering and development activities on the Red Mountain Property and for the portfolio of properties the company is purchasing in Yukon from Oban Mining Corp. and for working capital purposes.
IDM is a precious metals explorer in Vancouver, B.C.
| Issuer: | IDM Mining Ltd.
|
| Issue: | Non-flow-through units of one common share and one half-share warrant, flow-through units of one flow-through common share and a half-share warrant
|
| Amount: | C$1,581,488
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.14
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 31
|
| Stock symbol: | Toronto: IDM
|
| Stock price: | C$0.07 at close Dec. 8
|
| Market capitalization: | C$7.2 million
|
|
|
| Non-flow-through units
|
| Amount: | C$482,610
|
| Units: | 5,362,333
|
| Price: | C$0.09
|
|
|
| Flow-through units
|
| Amount: | C$1,098,878
|
| Units: | 9,989,800
|
| Price: | C$0.11
|
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