DNI completes second tranche interim financing for drilling at its Alberta polymetallic black shale projects, Athabasca region,
August 16 2010 - 2:51PM
PR Newswire (Canada)
TORONTO, Aug. 16 /CNW/ -- TORONTO, Aug. 16 /CNW/ - DNI Metals Inc.
(DNI:TSX-Ven, DG7:FSE) is pleased to announce that it has completed
the second tranche of a non-brokered private placement of
flow-through and non-flow-through shares, with arm's length
parties, for aggregate gross proceeds of $50,000. The securities
issued under the private placements are subject to a four-month
hold period expiring on December 17, 2010. The financing consisted
of: (i) placement of 178,572 units at a price of 14 cents per unit,
for gross proceeds of $25,000, each unit consisting of one common
share and one half of a common share purchase warrant, each full
warrant entitling the holder to purchase an additional common share
of the company at a price of 20 cents for a period of eighteen
months from closing; and (ii) placement of 178,572 flow-through
shares at a price of 14 cents per share, for gross proceeds of
$25,000. The current closing is part of a larger private placement
financing to be concluded shortly, on terms which contemplate: (a)
issuance of up to 15,000,000 flow-through shares at a price of 14
cents each, for gross proceeds of up to $2,100,000; and (b)
issuance of up to 10,000,000 units at a price of 14 cents per unit,
for gross proceeds of up to $1,400,000, each unit consisting of one
common share and one half of one share purchase warrant entitling
the holder to purchase an additional common share of the company at
a price of 20 cents for a period of eighteen months from closing.
Closing of an initial portion of the foregoing financing was
announced on August 4, 2010. Proceeds of the financing will be
applied toward DNI's polymetallic shale properties, Athabasca
region, Alberta, toward expanded metals leaching R&D testwork
and a winter drilling program, to advance the two Potential Mineral
Deposits previously identified (announced November 10, 2008)
through resource studies toward scoping and economic studies. A
portion of the funds will also be applied toward short term
operating working capital requirements. DNI continues to focus its
efforts on its polymetallic black shale Properties in Alberta, and
on its carried interest in the diamond discovery on its
Attawapiskat Property, Ontario. 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: 29,043,073 (29,400,217 post-financing) %SEDAR:
00010711E DNI Metals Inc. - Shahe Sabag, President & CEO or
Denis Clement, Chairman - 416-595-1195, email ir@dnimetals.com.
Also visit www.dnimetals.com
Copyright