IDM Mining Ltd. on Jan. 19 said it struck a definitive deal to sell its portfolio of properties in Canada's Yukon Territory to StrikePoint Gold Inc. for C$4.2 million in cash and shares.

This follows the signing of a nonbinding letter of intent between the companies in December 2016.

StrikePoint will pay C$150,000 in cash and issue 10.5 million common shares at 38.5 Canadian cents apiece.

In addition, StrikePoint will spend C$1.5 million on exploration on the properties by Dec. 31 and pay any deficiency to IDM.

The transaction is expected to close by Feb. 28, subject to all customary closing conditions.