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IDM raising C$5M to extend drill program at Red Mountain gold project

IDM Mining Ltd. plans to undertake a nonbrokered private placement of up to 32,258,065 flow-through shares at 15.5 Canadian cents apiece to raise C$5 million, it said Aug. 1.

"Proceeds from this financing will extend the current 23,000 meter underground and surface drilling program, targeting near-mine area with the objective of increasing reserves and resources, potentially extending mine life at the Red Mountain property," President and CEO Rob McLeod said.

IDM's drilling to date at the British Columbia-based gold project yielded positive results, and this financing allows the company to continue the program late into autumn.

The financing will be completed in two tranches, with the last tranche scheduled to close by Sept. 10.