DNI COMPLETES INTERIM FINANCING FOR ONGOING WORK ON ITS ALBERTA POLYMETALLIC BLACK SHALE PROJECTS, ATHABASCA REGION, ALBERTA
November 10 2010 - 7:00AM
PR Newswire (Canada)
TORONTO, Nov. 10 /CNW/ -- DNI METALS INC. (DNI : TSX-Ven, DG7 :
Frankfurt) TORONTO, Nov. 10 /CNW/ - DNI Metals Inc. (DNI:TSX-Ven,
DG7:FSE) is pleased to announce that it has completed a
non-brokered private placement of flow-through and non-flow-through
shares, with arm's length parties, for aggregate gross proceeds of
$154,000. The securities issued under the private placements are
subject to a four-month hold period expiring on March 4, 2011. The
financing consisted of: (i) placement of 100,000 units at a price
of 14 cents per unit, for gross proceeds of $14,000, 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 1,000,000 flow-through shares at a price of 14 cents
per share. A commission was paid in connection with the placement,
consisting of an aggregate of $8,400 and issuance of 60,000
warrants entitling the holder to purchase an additional common
share of the company at a price of 14 cents for a period of
eighteen months from closing. Shares underlying the broker warrants
are subject to a four-month hold period expiring on March 4, 2011.
The current closing is part of a larger private placement
financing, 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.
Proceeds of the financing will be applied toward DNI's polymetallic
shale properties, Athabasca region, Alberta, toward expanded metals
leaching R&D testwork which has commenced. DNI has granted
100,000 stock options, pursuant to the Company's Stock Option Plan,
to an officer of the Company to allow for the purchase of up to an
aggregate of 100,000 common shares at a price of 15 cents per share
for up to five years. 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:
29,400,217 (Post-Financing 30,500,217) %SEDAR: 00010711E pDNI
Metals Inc. - Shahe Sabag, President & CEO or Denis Clement,
Chairman - 416-595-1195br/ email a
href="mailto:ir@dnimetals.com"ir@dnimetals.com/a. Also visit a
href="http://www.dnimetals.com"www.dnimetals.com/a/p
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