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TSX-V: NDR
VANCOUVER, BC, Aug. 6, 2020 /CNW/ - New Dimension Resources Ltd.
(TSXV: NDR) (the "Company", "NDR", or "New Dimension") is pleased
to announce:
- Commencement of a Private Placement financing for gross
proceeds of up to a maximum of $3,700,000, with a lead order from Palisades
Goldcorp Ltd. and significant participation by management.
- Proceeds will assist with advancing the Company's existing
Canadian gold portfolio and the acquisition and advancement of new
high-grade gold and base metal projects in favourable, highly
prospective jurisdictions. Due diligence is currently underway on
two regional opportunities.
- NDR is seeking to enhance the Company's growth strategy
following the initial diversification out of Argentina (Refer NR 1
April 2020).
Subject to regulatory approval, New Dimension has initiated a
Private Placement financing with a lead order from Palisades
Goldcorp Ltd. The Company intends to complete a non-brokered
Private Placement of up to 60,000,000 Units at a price of
$0.06 per unit for gross proceeds of
up to $3,700,000. Each unit will
consist of one Common Share and one Share Purchase Warrant. Each
warrant will entitle the holder to acquire one additional common
share of the Company at CAD $0.12 per
share for a period of 36 months.
Insiders will be participating in at least a minimum 9,000,000
shares.
Proceeds from this Private Placement will be used to advance the
Company's Canadian gold portfolio and to acquire and advance new
high-grade gold and base metal projects in favourable
jurisdictions, as well as for general working capital which
includes settlement of current liabilities.
The Company may pay finders fee's in either cash, shares, share
purchase warrants or a combination thereof, as permitted by
regulators, on a portion of the Private Placements. Closing of the
Private Placement is expected to occur on or before August 19, 2020. All securities issued under the
Private Placements will be subject to a hold period of four months
from the date of issuance of the securities.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and may not
be offered or sold within the United
States or to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless registered under
the 1933 Act and applicable state securities laws, or an exemption
from such registration requirements is available.
On Behalf of the Board of New Dimension Resources Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D.,
FAusIMM
President & CEO
About New Dimension Resources Ltd.
New Dimension is engaged in the acquisition, exploration, and
development of quality mineral resource properties in favourable
jurisdictions with a focus on high-grade precious and base metal
deposits. The Company's current focus is on the discovery through
exploration and drilling of high-grade gold deposits on its
100%-owned Savant Lake project in
Ontario and 29.6% interest in the
Domain JV in Manitoba.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd. is Canada's new resource focused merchant bank.
Palisades' management team has a demonstrated track record of
making money and is backed by many of the industry's most notable
financiers. With junior resource equities valued at generational
lows, management believes the sector is on the cusp of a major bull
market move. Palisades is positioning itself with significant
stakes in undervalued companies and assets with the goal of
generating superior returns.
Cautionary Notes and Forward-looking
Statements
This news release contains forward-looking information within
the meaning of applicable securities
legislation. Forward-looking information is typically
identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the
the anticipated use of proceeds of the Private Placement Financing,
receipt of all necessary regulatory and third-party approvals
required in connection with the acquisition and the Private
Placement Financing, future results of operations, performance and
achievements of New Dimension, including the timing, completion of
and results from the drill programs described in this release.
Although the Company believes that such statements are reasonable,
it can give no assurances that such expectations will prove to be
correct. All such forward-looking information is based on certain
assumptions and analyses made by New Dimension in light of their
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management believes are appropriate in the circumstances. This
information, however, is 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 information. Important factors that could cause
actual results to differ from this forward-looking information
include those described under the heading "Risks and Uncertainties"
in New Dimension's most recently filed MD&A. New Dimension does
not intend, and expressly disclaims any obligation to, update or
revise the forward-looking information contained in this news
release, except as required by law. Readers are cautioned not to
place undue reliance on forward-looking information.
Neither the TSX Venture Exchange 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.
SOURCE New Dimension Resources Ltd.