Lake Shore Gold Acquires Additional Equity Interest in IDM Mining Ltd.
TORONTO, ONTARIO--(Marketwired - Aug. 14, 2015) - Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company") (TSX:LSG)(NYSE MKT:LSG) reports that the Company has acquired 2,500,000 common shares (the "Shares") of IDM Mining Ltd. ("IDM") and warrants to acquire an additional 1,250,000 common shares of IDM (the "Warrants"), representing 5% of the outstanding shares of IDM on a partially diluted basis. Together with IDM shares already held by Lake Shore Gold, the Company now owns, or has the right to acquire, a total of 35,702,290 common shares of IDM, representing 37.6% of IDM's outstanding shares on a partially diluted basis.
Lake Shore Gold acquired the Shares and Warrants by way of a private placement financing first announced by IDM on May 19, 2015. Lake Shore Gold participated in the financing by purchasing 2,500,000 units (each comprising one common share and one half share purchase warrant) at a purchase price of $0.10 per unit. Lake Shore Gold purchased the units for investment purposes and has no current intention to acquire additional securities of IDM.