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IDM Mining to raise C$7.5M to advance Red Mountain gold project


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Essential Metals & Mining Insights - January 2021

Industry Top Trends 2021: Metals and Mining

IDM Mining to raise C$7.5M to advance Red Mountain gold project

IDM MiningLtd. said April 7 that it is undertaking a private placement offlow-through units at 11 Canadian cents each to raise C$4 million and commonunits at 9 cents each to raise C$3.5 million, with the proceeds of bothearmarked to advance the Red Mountain gold project in British Columbia.

A portion of the offering will be brokered through a syndicateled by Red Cloud Klondike Strike Inc. and including Haywood Securities Inc. andMedalist Capital Ltd.

Each flow-through unit will consist of 1 flow-through commonshare and 0.5 warrant. Each warrant, which expires 24 months after the closingof the placement, can be exercised for 1 non-flow-through common share at 15cents per share.

Each common unit will consist of 1 common share and 0.5nontransferable share purchase warrant. Each warrant, which expires after 24months, can be exercised for 1 common share at 15 cents per share.

More specifically, proceeds will be used to fund a5,000-meter underground drill program to improve the gold resource at RedMountain. It will also be used to advance the project's permitting, fieldstudies and environmental assessment, with the goal of submitting a projectapplication report to secure project approval in 2017.

Proceeds are also earmarked to complete engineering, fieldstudies and a feasibility study on the project, and for general working capital.

These programs aim to bring IDM in a position to make afinal investment decision on Red Mountain in 2017.