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TSX-V: NDR
VANCOUVER, BC, Sept. 8, 2020 /CNW/ - New Dimension
Resources Ltd. (TSXV: NDR) (the "Company", "NDR", or "New
Dimension") is pleased to announce the completion of its
previously announced non-brokered private placement, for proceeds
of $3,624,992, with a lead order from
Palisades Goldcorp Ltd. The Company had anticipated a placement of
60,000,000 units for gross proceeds of $3,600,000, however, the Company has successfully
completed the sale and conversion of 60,416,531 units. The units
are comprised of one common share and one share purchase warrant
entitling the holder to acquire one additional common share at
$0.12 until expiry September 3, 2023. The warrants contain specific
language restricting exercise that would create a new insider or
control person.
Proceeds will be used for exploration activities and general
working capital. The Company's immediate priorities will be to
advance its recently-acquired Scandinavian projects (the Løkken and
Kjøli high grade copper projects in Norway, and the Southern Gold Line Project in
Sweden) to drilling. The Løkken
and Kjøli licences both cover past-producing, high-grade
copper(-zinc-silver-gold) mines as well as drill-ready regional
exploration targets, whilst the Southern Gold Line project consists
of a group of licences located adjacent to Dragon Mining Limited's
Fäboliden gold development project and the Svartliden gold
mine.
The Company paid an aggregate of $128,503.80 and issued 2,081,730 brokers warrants
under the same terms and conditions of the unit warrants. All
securities issued under the placement are subject to a four month
hold period trade restriction expiring January 4, 2021.
Insiders of the Company participated in the Offering acquiring,
directly or indirectly, an aggregate of 3,595,841 units
representing 2.83% of the Company's issued and outstanding shares
on an undiluted basis and 2.75% on a partially diluted basis. The
participation by insiders in the private placement is considered to
be a "related party transaction" as defined under Multilateral
Instrument 61-101 ("MI 61- 101"). The transaction is exempt from
the formal valuation and minority shareholder approval requirements
of MI 61-101, as neither the fair market value of the securities
being issued nor the consideration being paid exceeds 25% of the
Company's market capitalization.
On Behalf of the Board of New Dimension Resources Ltd.
"Eric
Roth"
___________________________
Eric Roth, Ph.D.,
FAusIMM
President & CEO
About New Dimension Resources
New Dimension is engaged in the acquisition, exploration, and
development of quality mineral resource properties in favourable
jurisdictions with a focus on high-grade gold and base metal
deposits. The Company's current focus is on the discovery through
exploration of high-grade gold deposits on its newly-acquired
100%-owned Southern Gold Line Project (Sweden), as well as on its existing 100%-owned
Savant Lake project in
Ontario and its 29.6% interest in
the Domain Joint Venture with Yamana Gold in Manitoba (Canada). In addition, the Company
has acquired 100% interests in two large properties covering the
past-producing Løkken and Kjøli copper-rich massive sulfide
deposits in central Norway and in
which drill-ready targets have already been identified.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd. is Canada's new resource focused merchant bank.
Palisades' management team has a demonstrated track record of
making money and is backed by many of the industry's most notable
financiers. With junior resource equities valued at generational
lows, management believes the sector is on the cusp of a major bull
market move. Palisades is positioning itself with significant
stakes in undervalued companies and assets with the goal of
generating superior returns.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and may not
be offered or sold within the United
States or to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless registered under
the 1933 Act and applicable state securities laws, or an exemption
from such registration requirements is available.
Cautionary Notes and Forward-looking
Statements
This news release contains forward-looking
information within the meaning of applicable securities
legislation. Forward-looking information is typically
identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the
the anticipated use of proceeds of the Private Placement Financing,
receipt of all necessary regulatory and third-party approvals
required in connection with the acquisition and the Private
Placement Financing, future results of operations, performance and
achievements of New Dimension, including the timing, completion of
and results from the drill programs described in this release.
Although the Company believes that such statements are reasonable,
it can give no assurances that such expectations will prove to be
correct. All such forward-looking information is based on certain
assumptions and analyses made by New Dimension in light of their
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management believes are appropriate in the circumstances. This
information, however, is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Important factors that could cause
actual results to differ from this forward-looking information
include those described under the heading "Risks and Uncertainties"
in New Dimension's most recently filed MD&A. New Dimension does
not intend, and expressly disclaims any obligation to, update or
revise the forward-looking information contained in this news
release, except as required by law. Readers are cautioned not to
place undue reliance on forward-looking information.
Neither the TSX Venture Exchange 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.
SOURCE New Dimension Resources Ltd.