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IDM Mining upsizes private placement to C$6M

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IDM Mining upsizes private placement to C$6M

IDM Mining Ltd. increased the size of its previously announced nonbrokered private placement of flow-through shares to C$6 million.

The company will sell up to 38,709,677 flow-through shares at a 15.5 Canadian cents apiece, it said Aug. 3.

IDM will use proceeds for exploration, permitting, First Nations engagement and community relation work at the company's Red Mountain gold project in British Columbia.

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