New Dimension Closes Second Tranche of Flow-Through Financing
January 28 2011 - 11:19AM
Marketwired
New Dimension Resources Ltd. (TSX VENTURE: NDR) (the "Company" or
"New Dimension") announces it has closed the second tranche of its
non-brokered private placement of 833,666 flow-through Units (the
"Units") at a price of $0.24 per Flow-Through Unit for proceeds of
$200,080. Each Unit consists of one flow-through common share of
New Dimension plus one-half of one non-flow-through transferable
common share purchase warrant with each whole purchase warrant
exercisable into a common share at a price of $0.40 for a period of
12 months from closing. Each warrant will be subjected to an
accelerated exercise provision if the share price of New Dimension
trades at or above $0.75 for 10 or more consecutive trading days.
New Dimension has paid a finders fee in respect of purchasers of
securities introduced to the Company by the Finder. The finder's
fee was paid through the issuance of common shares equal in value
to 7% of the Units sold under the offering by the Finder.
The Units and the shares issued to the Finders are subject to a
four-month hold period which expires on May 25, 2011.
The Company raised a total of $801,320 through the issuance of
3,338,833 flow-through Units in both the first and second tranches.
The Company will use the proceeds from the financing to incur
Canadian Exploration Expenses ("CEE") within the meaning of the
Income Tax Act (Canada) ("ITA") on its Canadian mineral properties,
and particularly on the recently optioned Gild Property. The
Company will use its best efforts to ensure that such CEE qualifies
as "flow-through mining expenditures" for the purpose of the
ITA.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
Fred G. Hewett, P.Eng., President & CEO
This news release may contain forward looking statements which
are not historical facts, such as ore reserve estimates,
anticipated production or results, sales, revenues, costs, or
discussions of goals and exploration results, and involves a number
of risks and uncertainties that could cause actual results to
differ materially from those projected. These risks and
uncertainties include, but are not limited to, metal price
volatility, volatility of metals production, project development,
ore reserve estimates, future anticipated reserves and cost
engineering estimate risks, geological factors and exploration
results. See New Dimension's filings for a more detailed discussion
of factors that may impact expected results.
This news release does not constitute an offer to sell or
solicitation of an offer to sell any securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Neither 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 news release.
Contacts: New Dimension Resources Ltd. Fred Hewett (604)
687-7545 or (888) 338-2200 New Dimension Resources Ltd. Chris
Curran (604) 687-7545 or (888) 338-2200 (604) 689-5041 (FAX)
info@northair.com www.newdimensionresources.com
New Dimension Resources (TSXV:NDR)
Historical Stock Chart
From Jun 2024 to Jul 2024
New Dimension Resources (TSXV:NDR)
Historical Stock Chart
From Jul 2023 to Jul 2024