/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, April 17, 2018 /CNW/ - IDM Mining Ltd.
(TSX-V:IDM) (OTCQB:IDMMF) ("IDM" or the "Company") is pleased to
announce that it has closed the previously announced private
placement (the "Offering"). The Offering was comprised of
22,505,556 flow-through units ("Flow-Through Units") at
$0.09 per share, and 28,750,000
non-flow through units ("Common Units") at $0.08 per Common Unit for gross proceeds of
approximately $4.325 million.
Each Common Unit consisted of one common share of the Company (a
"Common Share") and one-quarter of one non-transferable share
purchase warrant, each whole warrant entitling the holder thereof
to acquire one Common Share at a price of $0.12 per Common Share for a period of
twenty-four (24) months following the closing of the
Offering.
Each Flow-Through Unit consisted of one flow-through common
share of the Company (a "Flow-Through Share") and one-quarter of
one non-transferable share purchase warrant, each whole warrant
entitling the holder thereof to acquire one non flow-through Common
Share at a price of $0.12 per Common
Share for a period of twenty-four (24) months following the closing
of the Offering.
The Company will pay to certain finders a total of $257,100 and 2,032,222 non-transferrable
warrants. Each warrant entitles the holder to purchase one
common share at a price of $0.12 for
a period of twelve months.
The warrants issued in the Offering will not be listed for
trading. The securities issued in the Offering are subject to
a four-month hold period that will expire on August 18, 2018.
The net proceeds of the Offering will go towards exploration,
permitting, community relations, First Nation engagement,
engineering and development activities of the Company's Red
Mountain Gold Project (the "Project" or "Red Mountain") located
near Stewart, BC and for working
capital purposes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful, including in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any applicable securities laws of any
state of the United States and may
not be offered or sold in the United
States, or to, or for the account or benefit of a U.S.
person (as defined in Regulation S 2 under the 1933 Act) unless
registered or pursuant to an available exemption from such
registration requirements.
ABOUT IDM AND RED MOUNTAIN
IDM Mining Ltd. is an exploration and development company based
in Vancouver, BC, Canada focused on advancing the high-grade,
low capex, Red Mountain Gold Project towards production. The 17,125
hectare Red Mountain Gold Project is located in northwestern BC, 15
km northeast of the mining town of Stewart. In 2017, IDM announced
the results of a positive Feasibility Study for a high-grade,
underground gold mine, which includes primarily bulk underground
mining methods and the production of gold doré on site. The Project
is advancing through the provincial and federal environmental
assessment processes, with comprehensive, thorough, and ongoing
consultation with Nisga'a Nation. The Project is currently in the
Application Review phase of the BC Environmental Assessment Office
and the Canadian Environmental Assessment Agency.
Additional information, including the Company's NI 43-101
Technical Reports for the Red Mountain Gold Project, are available
at www.idmmining.com and at www.sedar.com.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
"Robert McLeod"
President, CEO and Director
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release."
Forward-Looking Statements: Some statements in
this news release contain forward-looking information or
forward-looking statements for the purposes of applicable
securities laws. These statements include, among others,
statements with respect to the Offering and the use of proceeds
from the Offering, proposed exploration and development activities
and their timing, and other plans and objectives of IDM.
These statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such
factors include, among others and in addition to those described
elsewhere in this release, receipt of regulatory and shareholder
approvals of the Offering, inability to complete the financing on
the proposed terms or at all, delays in obtaining or inability to
obtain required government or other regulatory approvals, permits
or financing, the risk of unexpected variations in mineral
resources, grade or recovery rates, of failure of plant, equipment
or processes to operate as anticipated, of accidents, labor
disputes, and unanticipated delays in completing other development
activities, the risk that estimated costs will be higher than
anticipated and the risk that the proposed mine plan and recoveries
will not be achieved, equipment breakdowns and bad weather, the
timing and success of future exploration and development
activities, exploration and development risks, mineral resources
are not as estimated, title matters, third party consents,
operating hazards, metal prices, political and economic factors,
competitive factors and general economic conditions. In
making the forward-looking statements, the Company has applied
several material assumptions including, but not limited to, the
assumptions that: the Offering will proceed and be completed as
planned; required regulatory and shareholder approvals will be
obtained; the proposed exploration and development will proceed as
planned; with respect to mineral resource estimates, the key
assumptions and parameters on which such estimates are
based; that the proposed mine plan and recoveries will be
achieved, that capital costs and sustaining costs will be as
estimated, and that no unforeseen accident, fire, ground
instability, flooding, labor disruption, equipment failure,
metallurgical, environmental or other events that could delay or
increase the cost of development will occur, and market
fundamentals will result in sustained metals and minerals
prices. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
SOURCE IDM Mining Ltd.