IDM Mining Ltd. (TSX-V:IDM) is pleased to announce that it is has closed its previously announced brokered and non-brokered private placement financings for aggregate gross proceeds of $10,848,898.

The Financing consisted of 74,992,059 non-flow-through common units at a price of $0.09 per Common Unit raising gross proceeds of $6,749,285, as well as 37,269,208 flow-through common units at a price of $0.11 per Flow-Through Unit raising gross proceeds of $4,099,613. The brokered portion of the Financing was completed by a syndicate of agents including Haywood Securities Inc., Red Cloud Klondike Strike Inc. and Medalist Capital Ltd.

Rob McLeod, President & CEO of IDM, commented: “IDM is very pleased to welcome the support of significant new institutional and corporate shareholders alongside the participation of our strong existing shareholder network. The proceeds of this financing will be used for resource expansion and infill drilling, project permitting, engineering and a feasibility study. The Company’s goal is to make a final investment decision for a potential high-grade, underground gold-silver mine at Red Mountain in 2017.”

Each Common Unit consists of one common share of the Company and one-half of one non-transferable share purchase warrant (with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.15 per Common Share for a period of twenty-four months. Each Flow-Through Unit consists of one flow-through Common Share and one-half of one Warrant.

The Company intends to use the net proceeds of the Financing for the following:

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 2 under the 1933 Act) unless registered or pursuant to an available exemption from such registration requirements.

The Company will pay to the Agents and certain finders a total of $611,625 and 6,372,730 non-transferrable warrants. Each such warrant entitles the holder to purchase one Common Share at a price of $0.15 for a period of twelve months.

The securities issued in the Financing are subject to a four month hold period that will expire on August 28, 2016.

Certain insiders of the Company participated in the private placement, therefore the Financing is considered a related party transaction and is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 in reliance on the exemptions set forth in sections 5.5(a) and (b) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of the Financing as the details of the Financing and 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.

ABOUT RED MOUNTAIN

IDM Mining is currently earning an option to acquire a 100% interest in the 17,125 hectare Red Mountain property, located 15 kilometers northeast of Stewart, BC. Numerous precious and base metal targets have been identified by IDM and previous operators over a 15 km by 4 km trend of strong alteration and mineralized prospects. Since discovery in 1989, in excess of $45 million has been spent on the Red Mountain property including a production sized underground ramp.

ABOUT IDM MINING LTD.

IDM Mining Ltd. is 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.