DNI completes interim financing to resume drilling on its Alberta polymetallic black shale projects, Athabasca region, Alberta
21 May 2012 - 8:05PM
PR Newswire (Canada)
DNI METALS INC. TORONTO, May 23, 2012 /CNW/ - DNI Metals Inc. is
pleased to announce that it has completed a non-brokered private
placement of flow-through shares, with arm's length parties, for
aggregate gross proceeds of $450,000. The securities issued under
the private placements are subject to a four-month hold period
expiring on September 23, 2012. The financing consisted of the
placement of 1,000,000 flow-through shares at a price of 45 cents
per share. A commission was paid in connection with the placement,
consisting of an aggregate of $31,500 and issuance of 70,000
warrants, each warrant entitling the holder to purchase an
additional common share of the company at a price of 45 cents for a
period of twelve months from closing. Shares underlying the broker
warrants are subject to a four-month hold period expiring on
September 23, 2012. Proceeds of the above financing, together with
funds in treasury, will be applied toward resuming drilling at
DNI's polymetallic shale properties, Alberta, to complete two drill
programs during early fall. The planned drilling is intended to
commence drilling over the Buckton South mineralized zone with the
objective of delineating an initial resource, and will also include
coring of strategic holes to expand and upgrade the Buckton
inferred resource (announced October 24, 2011). Additional details
of the drilling programs will be announced at a later date. The
above financing is part of a larger private placement financing, on
terms which contemplate issuance of up to 3,000,000 flow-through
shares at a price of 45 cents per share, for gross proceeds of up
to $1,350,000. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. DNI - TSX Venture DG7 - Frankfurt Issued:
69,246,689 post financing DNI Metals Inc. CONTACT: DNI Metals Inc.
- Shahe Sabag, President & CEO (416-595-1195) orDenisClement,
Chairman (416-364-1909) email ir@dnimetals.com. Alsovisit
www.dnimetals.com.
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