DNI announces flow through financing intention
December 19 2011 - 1:35PM
PR Newswire (Canada)
DNI METALS INC. TORONTO, Dec. 21, 2011 /CNW/ - DNI Metals Inc. is
pleased to announce that it has filed documentation with regulatory
authorities to issue, by way of a non-brokered private placement
financing, up to 5,000,000 flow through shares, at a price of 40
cents per share, for aggregate gross proceeds of up to $2,000,000.
Expectations are that an insider, other than DNI's management, will
subscribe for over 25% of the foregoing financing. Shares issued
will be subject to a four-month hold period. The placements are
subject to regulatory approvals, and will be exempt from the formal
valuation and minority shareholder approval requirements of
MI 61-101 as neither the fair market value of any shares
issued to or the consideration paid by such persons will exceed 25%
of DNI's market capitalization. Proceeds of the financing will be
applied toward DNI's polymetallic shale projects, Athabasca region.
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: 60,100,284 (pre-financing) DNI
Metals Inc. CONTACT: DNI Metals Inc. - Shahe Sabag, President &
CEO or Denis Clement,Chairman - 416-595-1195email ir@dnimetals.com.
Also visit www.dnimetals.com
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