This is truly bothering meSo in 2014 Revolution resources bought Red mountain consolidated their shares and renamed themselves IDM mining.
Share count now at approx 20 million
For the next year the only thing coming out of IDM was concerning Red Mountain
In Oct of 2015 IDM had approx 50 million shares out
Then on Dec 2015 they announce a property purchase from Oban
They gave Oban 18+ million shares
1 million dollars and
Did a cheap 11+ million dollar financing with Oban at 9 cents a share.
Shares were trading at 14 cents at the time
This is the discription as it appears today on IDMs webpage of the property the bought Yukon
The Yukon portfolio consists of 14,482 claims in 51 groups (the “Properties”). The Properties cover multiple tectonic and metallogenic environments as well as a variety of mineral deposit styles common in the Yukon. The Properties were previously held by Ryan Gold Corp. (“Ryan Gold”) and its subsidiaries, and received significant exploration work, with approximately $25 million (as disclosed in Ryan Gold’s 2014 year end MD&A) in expenditures incurred. The Properties have limited holding costs. Previous work by Ryan Gold included significant exploration drill programs on two of the Properties, with tens of thousands of rock and soil samples collected during grass-roots exploration programs in several districts throughout Yukon. Additionally, geophysical surveys and geologic mapping programs have outlined many anomalous areas that have not received follow-up work.
That is correct. The above is what Robert Mcleod the great geologist believed was worth over 4 million dollars almost 2 years ago when the mining sector was on life support.
Then two short weeks later IDM announces they will request delisting from the TSX and move back the the venture. The reason; easier to raise money?????? Since then they have pumped out shares at an alarming rate and now the O/S is at 221 million and FD well over 300 million. All in less than 2 years.
If history is a guide then next is a property purchase, name change and share consolidation.