DNI METALS INC. (DNI : TSX-Ven)(DG7 : Frankfurt)
Private Placement
TORONTO, Dec. 12, 2014 /CNW/ - The Corporation's Board of
Directors approved the filing with TSXV of a Price Reservation
allowing it to complete a non-brokered private placement of up to
12,000,000 common shares (the "shares") at a price of
$0.05 per share for gross proceeds of
$600,000.00 (the "Private
Placement"). This Private Placement is expected to close on or
before December 19, 2014, subject to
TSXV approval.
Due to market conditions, this replaces the previously announced
private placement dated November 17,
2014.
In order to finance the Corporation pursuant to the Private
Placement, the Corporation's insiders are entitled to subscribe to
any common shares offered under the Private Placement (the
"Insiders' Participation"). The Insider's Participation is exempt
from the formal valuation and shareholder approval requirements
provided under Regulation 61-101 respecting Protection of
Minority Holders in Special Transactions ("Regulation 61-101")
in accordance with sections 5.5(a) and 5.7(a) of said Regulation
61-101. The exemption is based on the fact that the market value of
the Insiders' Participation or the consideration paid by such
insider does not exceed 25% of the market value of the Corporation.
The Corporation did not file a material change report at least 21
days prior to the completion of the private placement since the
Insider's Participation was not determined at that moment.
The use of Proceeds of the Private Placement will be for
corporate cash flow purposes.
Neither the TSXV 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.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 7,485,702
We seek Safe Harbour. This announcement includes forward
looking statements. While these statements represent DNI's best
current judgment, they are subject to risks and uncertainties that
could cause actual results to vary, including risk factors listed
in DNI's Annual Information Form and its MD&As, all of which
are available from SEDAR and on its website.
SOURCE DNI Metals Inc.