DNI Concludes Flow Through Financing
December 20 2011 - 4:46AM
PR Newswire (Canada)
DNI METALS INC. TORONTO, Dec. 22, 2011 /CNW/ - DNI Metals Inc. is
pleased to announce that it has completed a non-brokered private
placement of 2,990,000 flow-through shares, at a price of 40 cents
per share, with arm's length and non-arm's length parties, for
aggregate gross proceeds of $1,196,000. Of the foregoing
placements, $600,000 were subscribed for by an insider of DNI who
is at arm's length to DNI's management. The securities issued under
the private placements are subject to a four-month hold period
expiring on April 23, 2012. An aggregate of $82,600, were paid by
way of finder fee in connection with a portion of the placements,
in addition to 206,500 broker warrants entitling the holders to
acquire 206,500 shares of DNI for a period of eighteen months from
closing at a price of 40 cents per share. The placements are 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:
63,399,284 (post-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
Copyright
DNI Metals Inc. (TSXV:DNI)
Historical Stock Chart
From Jun 2024 to Jul 2024
DNI Metals Inc. (TSXV:DNI)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about (TSX Venture Exchange): 0 recent articles
More Dni Metals News Articles