IDM Mining Completes the Sale of Its Yukon Portfolio to StrikePoint Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 28, 2017) - IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") is pleased to announce that it has completed the sale of its Yukon portfolio of properties, as previously announced, with StrikePoint Gold Inc. ("Strikepoint") (TSX VENTURE:SKP).
As consideration, the Company received $150,000 in cash and 10.5 million common shares of StrikePoint. In addition, StrikePoint is required to incur $1,500,000 in exploration expenditures on the Yukon Properties by December 31, 2017 and to pay any deficiency to IDM in cash.
Pursuant to the transaction, the Company has been granted certain anti-dilution rights, the right to appoint two members of StrikePoint's board of directors and a right of first refusal over any proposed disposition of the Yukon Properties during the two year period following closing.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration and development company based in Vancouver, BC, Canada. The Company's 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.
ON BEHALF OF THE BOARD of IDM Mining Ltd.
Robert McLeod, President, CEO and Director
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contact
IDM Mining Ltd.
Robert McLeod
604-681-5672 direct
604-617-0616 cell
rm@idmmining.com
Investor Relations
Shobana Thaya
416-807-1009
st@idmmining.com
Investor Relations
Alex Horsley
604-618-3058
ah@idmmining.com