ISS and Glass Lewis Recommend IDM Mining Securityholders Vote for the Arrangement with Ascot Resources
VANCOUVER, March 11, 2019 /CNW/ - IDM Mining Ltd. (TSXV: IDM) (OTCQB: IDMMF) ("IDM" or the "Company") would like to remind securityholders they have until 10:00 am PT on March 15, 2019 to vote their shares or options for the proposed plan of Arrangement (the "Arrangement") with Ascot Resources Ltd. ("Ascot").
Independent Proxy Advisors Recommend IDM Securityholders Vote FOR the Arrangement
Institutional Shareholder Services ("ISS") and Glass Lewis & Co. ("Glass Lewis') are two leading independent, third party proxy advisory firms who issue voting recommendations to institutional shareholders. Both ISS and Glass Lewis have recommended that securityholders of IDM vote FOR the Arrangement with Ascot.
Benefits of the Arrangement include:
- The combination of the two advanced high-grade projects will result in a compelling resource base of high-grade measured and indicated gold-silver resources positioning Ascot as a consolidator of the southern Golden Triangle;
- Complementary management teams with a combined skill set of mining development, operations, finance, exploration and community relations experience; locally-based team of miners, drillers and support team;
- Two, 15+ km long early-Jurassic geological trends totaling 25,000 hectares, which host multiple advanced deposits with significant potential new high-grade gold discoveries located 25 kms from each other;
- Geographic and regulatory proximity, with all assets located within Treaty territory of the Nisga'a Nation, near the prominent mining communities of Stewart, British Columbia and Hyder, Alaska;
- A solid infrastructure foundation at Premier, which includes underground workings, a process mill, tailings storage facility, power and water treatment facilities; and
- Strong, supportive combined corporate, retail and institutional shareholder base providing enhanced market visibility.
The Special Meeting will be held on Wednesday, March 20, 2019 at 10:00 am PT at the offices of DuMoulin Black LLP, 10th Floor, 595 Howe Street, Vancouver, British Columbia, where IDM securityholders will be asked to consider and vote on the Transaction.
Additional information concerning the Arrangement can be found in IDM's information circular (the "Information Circular") dated February 13, 2019. An electronic copy of the Information Circular is available under IDM's profile on SEDAR at www.sedar.com and on IDM's website at http://www.idmmining.com/.
YOUR VOTE IS IMPORTANT - PLEASE VOTE TODAY
The IDM Board of Directors UNANIMOUSLY
recommends that Securityholders vote IN FAVOUR
of the Arrangement.
How to Vote
Securityholders are encouraged to vote today using the internet or telephone, to ensure your vote is received in a timely manner.
Registered securityholders may vote by: Shares or options held in own name and represented by a physical certificate or option agreement
- Internet: www.investorvote.com
- Telephone: 1-866-732-8683
Beneficial shareholders may vote by: Shares held with a broker, bank or other intermediary
- Internet: www.proxyvote.com
- Telephone: 1-877-452-7184
Each IDM shareholder will be entitled to receive 0.0675 of a common share of Ascot for each share of IDM held (the "Consideration"). The Transaction will consolidate Ascot's Premier Gold project ("Premier") and IDM's Red Mountain project ("Red Mountain"), to create the leading high-grade gold development and exploration company in northwestern British Columbia's Golden Triangle. The combined entity will benefit from numerous operational and development synergies.
Shareholder Questions and Assistance
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.
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: 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 related to the completion of the Arrangement and the anticipated benefits of the Arrangement. In making the forward-looking statements in this release, the Company has applied certain assumptions that are based on the Company's current belief as well as information currently available to the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward -looking statements. A fulsome description of the assumptions, risks and uncertainties related to the forward-looking statements in this release are described in the detail in the Management Information Circular referenced in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and 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 required by law.