(DNI : TSX-Ven) (DG7 : Frankfurt)
TORONTO, Oct. 20, 2015 /CNW/ - DNI Metals Inc. 'DNI'
(DNI-V) is pleased to announce that it has completed the Due
Diligence process to purchase an established Laboratory and
Technology Facility, located in the Greater Toronto Area, as outlined in the
non-binding Letter of Intent, stated in the Press Release of
Aug. 25, 2015.
http://www.newswire.ca/news-releases/dni-metals---strategic-acquisition-of-fully-permitted-cash-flowing-established-laboratory-and-technology-facility-522827091.html
DNI has paid a deposit to the owners of the Company, and has
arranged a mortgage with one of Canada's leading banks. With the
mortgage, DNI has arranged 75% of the financing needed to complete
the acquisition. The transaction is expected to close by the
end of November.
"This Facility is a part of DNI's future, vertically integrated
graphite business," says Dan Weir,
CEO of DNI Metals. "The Facility will provide clients with
laboratories, experts and a training location, and will be a
proprietary facility to conduct pilot plant work and possible
future graphite processing for DNI."
The potential revenue streams from third party metallurgical
testing, clean technology processes, and environmental studies that
come from this Facility will be a part of DNI's growth and
corporate strategy.
DNI is working on completing the definitive purchase agreement,
and at completion, DNI will disclose the financial details and
terms of this acquisition. Following the successful closing
of this transaction, DNI will disclose additional details regarding
the facility, as under binding confidentiality obligations,
DNI cannot release the name of the company that it is
acquiring.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release
DNI - TSX Venture
DG7 - Frankfurt
Issued: 29,586,204
We seek Safe Harbour. This announcement includes forward
looking statements. While these statements represent DNI's best
current judgment, they are subject to risks and uncertainties that
could cause actual results to vary, including risk factors listed
in DNI's Annual Information Form and its MD&As, all of which
are available from SEDAR and on its website.
SOURCE DNI Metals Inc.