DPM Dundee Precious Metals Inc

Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) ("DPM" or "the
Company") is pleased to announce it has completed the sale of its Timok and
Potoj Cuka gold projects located in Serbia (the "Projects"). Pursuant to a
business combination agreement dated April 28, 2010 among DPM, PJV Resources
Inc. ("PJV") and Rodeo Capital Corp. (now Avala Resources Ltd. ("Avala")), PJV
has acquired DPM's interest in the Projects through the acquisition of DPM's
Serbian subsidiary, Dundee Plemeniti Metali d.o.o., in exchange for
consideration consisting of PJV units and US$1.6 million in cash, and a business
combination has been effected by way of a three-cornered amalgamation, whereby
PJV has amalgamated with a wholly-owned subsidiary of Avala. Upon the completion
of the amalgamation, all of the securities of PJV (including the securities
issued to DPM as part of the sale of its Projects, and the common shares and
warrants of PJV issuable upon the exchange of the subscription receipts issued
in the PJV financing transaction that closed on April 28, 2010), were exchanged
for (or became exercisable for) securities of Avala on a one-for-one basis. 


As a result of the business combination and exchange of the PJV subscription
receipts, DPM holds 73,437,357 common shares and 36,718,679 warrants of Avala, a
company listed on the TSX Venture Exchange. DPM was also issued special rights
(the "Special Rights") to acquire up to an aggregate of 50,000,000 additional
Avala common shares for no additional consideration, of which 25,000,000 are
issuable upon a positive decision to proceed to a feasibility study on the
Projects and an additional 25,000,000 are issuable upon a positive decision to
bring all or part of the Projects into production. Upon completion of the
business combination (and assuming no exercise of convertible securities) DPM
holds approximately 50.3% of the outstanding Avala common shares or
approximately 60.3% assuming the exercise of DPM's warrants (but assuming that
no other convertible securities have been exercised and without factoring in the
50,000,000 Special Rights issued to DPM). Additional information with respect to
the forgoing transaction, including the terms of securities acquired by DPM, is
available in the Filing Statement of Avala filed on its SEDAR Profile at
www.sedar.com. 


Dundee Precious Metals Inc. is a Canadian based, international mining company
engaged in the acquisition, exploration, development, mining and processing 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. DPM recently
acquired Namibia Custom Smelters (Pty) Limited, owner of the Tsumeb smelter in
Namibia, which processes, in addition to Chelopech concentrate, third party
concentrates. DPM is also engaged in mineral exploration activities in Serbia.


FORWARD-LOOKING STATEMENTS 

This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend," "believe,"
"anticipate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are made, and
are 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 statements. These factors include the inherent risks involved in
the exploration and development of mineral properties, the uncertainties
involved in interpreting drilling results and other geological data, fluctuating
metal prices and other factors described above and in the Company's most recent
annual information form under the heading "Risk Factors" which has been filed
electronically by means of the Canadian Securities Administrators' website
located at www.sedar.com. The Company disclaims any obligation to update or
revise any forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue reliance
on forward-looking statements.

Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From Jul 2024 to Jul 2024

Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From Jul 2023 to Jul 2024