IDM Mining (IDM-V) Sept 23, '14 has closed its non-brokered private placement financing announced on Sept. 3, 2014, for gross proceeds of $1,999,980. The offering consisted of 3,131,956 flow-through share units issued at a price of 45 cents per flow-through unit and 1,476,500 common share units at a price of 40 cents per common share unit for aggregate gross proceeds of $1,999,980.
Each common share unit consists of one common share of the company and one-half of one non-transferable share purchase warrant, with each such whole warrant entitling the holder thereof to acquire one common share at a price of 50 cents for a period of 24 months.
Each flow-through unit consists of one flow-through common share and one-half of one non-transferrable share purchase warrant, with each whole warrant entitling the holder thereof to acquire one non-flow-through common share in the capital of the company at a price of 55 cents for a period of 24 months.
Finders' fees payable in connection with the offering consisted of a total of $63,349 and 142,828 finders' warrants.
Net proceeds from the offering will be used for continued exploration and development activities on the company's Red Mountain property located near Stewart, B.C., and for working capital purposes.
The company intends to increase the size of the offering on terms otherwise the same. A maximum of 1.5 million additional units are issuable under the increased offering. Certain insiders are expected to participate in the increased offering. No insiders participated in today's closing.
The increased offering is subject to receipt of applicable regulatory approvals, including approval of the Toronto Stock Exchange. |
