VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 2, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
IDM Mining Ltd. (TSX:IDM) ("IDM" or the "Company") is pleased to announce the results of the Company's annual general meeting ("Meeting") of shareholders held on June 30, 2015 and that it has closed the first tranche of its non-brokered private placement announced on May 19, 2015 and June 16, 2015 (the "Offering") for gross proceeds of $716,775.
Private Placement
The closing of the first tranche of the Offering consisted of 6,943,750 common shares units ("Common Share Units") at a price of $0.10 per Common Share Units and 160,000 flow-through share units ("Flow-Through Units") issued at a price of $0.14 per Flow-Through Unit, for aggregate gross proceeds of $716,775. Further tranches of the Offering to raise additional aggregate gross proceeds of up to $1,783,225, including the committed investment from Lake Shore Gold Corp, (2,500,000 Common Share Units) and Delbrook Capital Advisors Inc. (7,142,857 Flow-Through Units), are expected to close later in the month and prior to and subsequent to the second meeting of shareholders on July 28, 2015 (refer to IDM's new release dated June 16, 2015).
Each Common Share Unit consists of one common share of the Company (a "Common Share") and one-half of one non-transferable share purchase warrant, with each such whole warrant entitling the holder thereof to acquire one Common Share at a price of $0.15 for a period of twenty-four (24) months.
Each Flow-Through Unit consists of one flow-through common share and one-half of non-transferable share purchase warrant, with each whole warrant entitling the holder thereof to acquire one non flow-through Common Share at a price of $0.18 for a period of twenty-four (24) months.
Finders' fees payable in connection with the first tranche of the Offering consisted of a total $13,300 and 130,200 finder's warrants.
Net proceeds from the Offering will be used for continued permitting, engineering and development activities on its Red Mountain Property, located near Stewart BC and for working capital purposes.
Annual General Meeting
The Company reports that, at the Meeting, all resolutions presented in the management information circular and proxy were approved, which included (i) setting the number of directors at five; (ii) the election of Michael McPhie, Robert McLeod, David Parker and Andrew Farncomb to the Board of Directors; (iii) the reappointment of Davidson & Company as auditors of the Company; (iv) the Company's Advance Notice Policy; and (v) the issuance of shares pursuant to an Offering..
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Gold-Junior IDM Mining erzielt attraktiven Deal mit Goldproduzent Lake Shore Gold und Finanzier Delbrook
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