IDM Mining Closes Equity Financing to Fund Exploration at the Red Mountain Gold Project, B.C. NEWS RELEASE TRANSMITTED BY Marketwired FOR: IDM Mining Ltd. TSX SYMBOL: IDM JUNE 13, 2014 IDM Mining Closes Equity Financing to Fund Exploration at the Red Mountain Gold Project, B.C. VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 13, 2014) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES IDM Mining Ltd. (formerly Revolution Resources Corp.) (TSX:IDM) ("IDM" or the "Company") is pleased to announce that it has closed its previously announced brokered private placement financing for gross proceeds of $2,776,140. The financing consisted of 2,098,000 flow-through units (each a "Flow-Through Unit") issued at a price of $0.31 per Flow-Through Unit, as well as 8,857,334 common units (each a "Common Unit", and together with the Flow-Through Units, the "Units") issued at a price of $0.24 per Common Unit. Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"), with each Warrant exercisable for a period of 15 months at an exercise price of $0.36 per share. Concurrently, the Company has also closed a non-brokered financing through the issuance of 240,645 Flow-Through Units and 1,859,174 Common Units for additional gross proceeds of $520,801. In the event that the Company's common shares trade at a closing price greater than $0.55 per share for a period of 20 consecutive trading days at any time following the date that is four months after the date hereof, the Company may accelerate the expiry date of the Warrants by giving notice via press release to the holders thereof. In such case, the Warrants will expire on the 30th day after the date on which notice is given by the Company. Net proceeds of the financing will be used to fund the initial $1 million cash payment to Seabridge Gold Inc. ("Seabridge") in connection with the recently announced option agreement to acquire a 100% interest in the high-grade Red Mountain Gold Project near Stewart, B.C. ("Red Mountain"), exploration and development activities at Red Mountain, and for working capital purposes. The Company also issued 5,268,000 common shares to Seabridge pursuant to the terms of the Red Mountain option agreement. IDM will begin mobilizing exploration crews to Red Mountain shortly. The Company is targeting surface drilling on multiple prospects, as well as underground delineation drilling at the AV and JW zones. Environmental baseline work is ongoing, as well as community and First Nation consultation. Haywood Securities Inc. acted as agent in connection with the brokered portion of the financing. The Company also issued 250,000 common shares in settlement of outstanding debts in the amount of $60,000 owing to an arm's length party. About IDM Mining Ltd. IDM Mining Ltd. is mineral exploration company (TSX:IDM) based in Vancouver, BC, Canada. The Company's current exploration and development activities are focused on precious metals in North America. Further information can be found on the Company's website at www.revolutionresources.com. ON BEHALF OF THE BOARD of IDM Mining Ltd. Robert McLeod, President, CEO and Director This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any applicable securities laws of any state of the United States and may not be offered or sold in the United States, or to, or for the account or benefit of a U.S. person (as defined in Regulation S under the 1933 Act) unless registered or pursuant to an available exemption from such registration requirements. The technical information in this document has been reviewed and approved by Robert McLeod, P.Geo, the President and CEO and a Director of the Company and a Qualified Person as defined by National Instrument 43-101. Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to proposed exploration and development activities and their timing. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and success of future exploration and development activities, exploration and development risks, financing requirements, title matters, third party consents, operating hazards, metal prices, political and economic factors, competitive factors and general economic conditions. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: the proposed exploration and development will proceed as planned; market fundamentals will result in sustained metals and minerals prices and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, the Company did not file a material change report more than 21 days before the expected closing of the brokered private placement as the details of the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons. -30- FOR FURTHER INFORMATION PLEASE CONTACT: IDM Mining Ltd. Robert McLeod President, CEO and Director 604-681-5672 direct or 604-617-0616 cell firstname.lastname@example.org INDUSTRY: Manufacturing and Production - Mining and Metals SUBJECT: FNC
IDM Mining Closes Equity Financing to Fund Exploration at the Red Mountain Gold Project, B.C.
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