DPM Announces Subscription for Shares of Weatherly International
July 31 2009 - 8:07AM
Marketwired
Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX:
DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) announced that it has reached an
agreement with Weatherly International plc, an AIM-listed company,
("WTI") to: (a) subscribe for 40.5 million common shares of WTI for
US$2.0 million, and (b) if required by WTI within the subsequent 12
month period, subscribe for up to an additional US$5.0 million
worth of WTI common shares based on the then prevailing market
price but in no event less, save in certain circumstances, than
GBP0.03 per share.
The agreement is subject to final documentation as well as
certain conditions, including completion of a contract to extend
the Chelopech/Namibia Custom Smelters (Pty) Limited ("NCS")
concentrate purchase arrangement from 2014 to and including the
year 2020 and to ship up to 140,000 tonnes of concentrate per year.
By agreement, the funds from the initial subscription will be
advanced by WTI to its subsidiary company, NCS, to cover the costs
of certain capital improvements being made to its Tsumeb copper
smelter and for working capital purposes.
Upon completion of the initial subscription, DPM will hold 9.1%
of the issued and outstanding shares of WTI.
Dundee Precious Metals Inc. is a Canadian based, international
mining company engaged in the acquisition, exploration, development
and mining of precious metals. DPM owns the Chelopech Mine, a
producing gold/copper mine, and the Krumovgrad Gold Project, a
mining development project, both located in Bulgaria, as well as a
95% interest in the Kapan Mine in Armenia. In addition, it is
engaged in mineral exploration activities in Serbia.
Contacts: Dundee Precious Metals Inc. Jonathan Goodman President
and Chief Executive Officer (416) 365-2408
jgoodman@dundeeprecious.com Dundee Precious Metals Inc. Lori Beak
Vice President, Investor Relations and Corporate Secretary (416)
365-5165 lbeak@dundeeprecious.com
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