VANCOUVER, March 20, 2019 /CNW/ - IDM Mining
Ltd. (TSXV: IDM) (OTCQB: IDMMF) ("IDM" or
the "Company") is pleased to announce that the
securityholders of IDM have voted in favour of the necessary
resolutions for the arrangement (the "Arrangement") between
Ascot Resources Ltd. (TSXV: AOT) (OTCQX: AOTVF)
("Ascot") and IDM previously announced on January 7, 2019.
Pursuant to the terms of the Arrangement, Ascot will acquire all
of the issued and outstanding common shares of IDM ("IDM
Shares") and, in exchange, shareholders of IDM will receive
0.0675 of a common share of Ascot ("Ascot Shares") for each
IDM Share held.
Each outstanding warrant of the Company (an "IDM
Warrant") shall be adjusted in accordance with the adjustment
provisions in the relevant warrant certificate or warrant indenture
such that following the completion of the Arrangement, each holder
of IDM Warrants shall receive, upon exercise thereof, that number
of Ascot Shares determined in accordance with the exchange ratio,
in lieu of each IDM Share to which it was otherwise entitled to
receive upon exercise.
Closing of the Arrangement remains subject to court approval as
well as other customary closing conditions. Assuming the timely
completion of these conditions, IDM expects the Arrangement to
close on or about March 27, 2019.
About Ascot Resources Ltd.
Ascot is a gold and silver focused exploration company with a
portfolio of advanced and grassroots projects in the Golden
Triangle region of British
Columbia. The company's flagship Premier project is a
near-term high-grade advanced exploration project with large upside
potential. Ascot is poised to be the next Golden Triangle producer
with an experienced and successful exploration, development and
operating team, coupled with a highly regarded major
shareholder.
About IDM and Red Mountain
IDM Mining Ltd. is an exploration and development company based
in Vancouver, BC, Canada focused on advancing the Red Mountain
Gold project towards production. The 17,125 hectare Red Mountain
Gold project is located in northwestern BC, 15 km northeast of the
mining town of Stewart.
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."
Forward-Looking Statements: Certain
information set forth in this news release contains
"forward-looking statement", and "forward-looking information"
under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements. Some of the forward-looking statements
may be identified by words such as "will", "expects",
"anticipates", "believes", "projects", "plans", and similar
expressions.
Forward-looking statements are not guarantees of future
performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which, may cause the Company's actual
performance and financial results in future periods to differ
materially from any projects of future performance or results
expressed or implied by such forward-looking statement. Such
forward-looking statements are based on certain assumptions made by
the Company, including but not limited to assumptions that: the
Arrangement will complete under the terms, structure, and timeline
currently contemplated; the requisite court approval in connection
with the Arrangement will be obtained in a timely manner and on
satisfactory terms; the parties will be able to satisfy the other
conditions to the closing of the Arrangement and on the timeline
currently contemplated; no significant events will occur outside of
the Company's normal course of business; and the continuation of
the business and operations of the Company, and the integration
thereof with Ascot, following completion of the Arrangement will
occur as currently contemplated.
Material risks and uncertainties applicable to the
forward-looking statements set out herein include, but are not
limited to: the Arrangement is not completed in a timely fashion or
at all; the requisite court approval is not obtained in a timely
fashion (or at all) or on satisfactory terms; and other unforeseen
events, developments, or factors causing any of the aforesaid
expectations, assumptions, and other factors ultimately being
inaccurate or irrelevant.
There can be no assurance that forward-looking statement will
prove to be accurate, and actual results and future events could
differ materially from those anticipate in such statements. The
Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking
statements.
SOURCE IDM Mining Ltd.
