IDM Mining Ltd.said April 27 that it has closed a privateplacement for total proceeds of over C$10.8 million.

The company issued 74,992,059 non-flow-through common units at9 cents each, raising about C$6.7 million. IDM raised an additional C$4.1 millionby issuing 37,269,208 flow-through common units at 11 cents per unit.

Each common unit consists of 1 common share and half of a sharepurchase warrant, with each whole warrant enabling the holder to acquire 1 commonshare at 15 cents within 24 months. Each flow-through unit consists of 1 flow-throughshare and half a share purchase warrant.

The brokered portion of the financing was underwritten by a syndicateof agents including Haywood Securities Inc., Red Cloud Klondike Strike Inc., andMedalist Capital Ltd.

"The proceeds of this financing will be used for resourceexpansion and infill drilling, project permitting, engineering and a feasibilitystudy," IDM President and CEO Rob McLeod said in the statement.

"The company's goal is to make a final investment decisionfor a potential high-grade, underground gold-silver mine at Red Mountain in 2017."