IDM Mining Ltd. (TSX-V: IDM) has closed the previously announced private placement with Osisko Gold Royalties Ltd (TSX/NYSE: OR) for total proceeds of $15,248,000.
IDM Mining issued 29,400,000 common shares at a price of $0.17 per share and 41,000,000 flow-through common shares at a price of $0.25 per share to Osisko resulting in Osisko holding 19.9% of the IDM shares on a non-diluted basis.
Proceeds will be primarily used for advancement of development of the Red Mountain Gold Project and for general corporate and working capital purposes.
IDM has granted to Osisko certain pre-emptive rights in respect to purchases or grants of royalties or streams from the Project.
Vancouver based IDM Mining Ltd. is a mineral exploration and development company. Its current exploration and development activities are focused on precious metals in British Columbia and Yukon, with a primary focus on the high-grade, underground Red Mountain Gold Project, which is advancing through the BC and Canadian environmental assessment processes.