VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 29, 2017) - Further to the press release of IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") dated March 28, 2017, IDM has acquired 10,500,000 common shares of StrikePoint Gold Inc. (TSX VENTURE:SKP) ("StrikePoint") valued at $0.385 per share as partial consideration for the sale of its portfolio of properties located in the Yukon to StrikePoint (the "Transaction").
Immediately prior to the closing of the Transaction, IDM did not own or have control or direction over any common shares of StrikePoint. After giving effect to the Transaction, IDM now owns and exercises control over a total of 10,500,000 common shares of StrikePoint, representing approximately 24.4% of the issued and outstanding common shares of StrikePoint.
IDM's decision to enter into and complete the Transaction was made in connection with its decision to dispose of its portfolio of properties in the Yukon. IDM will continue to review its investment alternatives from time to time and may determine to increase or decrease its equity ownership in StrikePoint through the acquisition or sale of additional outstanding common shares or other securities of StrikePoint through open market or privately negotiated transactions in accordance with applicable securities laws.
The Company's head office is located at Suite 1500, 409 Granville Street, Vancouver, B.C., V6C 1T2. StrikePoint's head office is located at Suite 507, 837 West Hastings Street, Vancouver, B.C., V6C 3N6.
A copy of the early warning report corresponding to this press release can be obtained from Robert McLeod, President, CEO and Director, at 604-681-5672 or on SEDAR at www.sedar.com.
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.
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."