DNI concludes financing to resume drilling on its Alberta polymetallic black shale projects, Athabasca region, Alberta
May 28 2012 - 4:13AM
PR Newswire (Canada)
DNI METALS INC. TORONTO, May 29, 2012 /CNW/ - DNI Metals Inc. is
pleased to announce that it has concluded the financing announced
on May 22, 2012, with a final non-brokered private placement of
300,000 flow-through shares with arm's length parties for gross
proceeds of $135,000. The securities issued under the private
placements are subject to a four-month hold period expiring on
September 25, 2012. A commission was paid in connection with the
placement, consisting of an aggregate of $9,450 and issuance of
21,000 warrants, each warrant entitling the holder to purchase an
additional common share of the company at a price of 45 cents for a
period of twelve months from closing. Shares underlying the broker
warrants are subject to a four-month hold period expiring on
September 25, 2012. Proceeds of the financing, together with funds
in treasury from prior financings, will be applied toward resuming
drilling at DNI's polymetallic shale properties, Alberta, to
complete two drill programs during early fall. The planned drilling
consists of exploratory drilling over the Buckton South mineralized
target with the objective of delineating an initial resource, and
will also include other strategic holes over the Buckton initial
inferred resource (announced October 24, 2011) to expand and
upgrade the resource. The drilling program is fully funded and
permitting has commenced in anticipation of mobilization in July.
Considerable other work is also in progress, including a resource
study related to mineralized black shales overlying the Buckton
resource, which had previously been regarded as waste cover rocks
but which hold potential for hosting additional mineralized
tonnages from which Base Metals, Specialty Metals and Rare Earth
Elements (REEs) are recoverable by leaching (announced March 1,
2012). Other work in progress includes bioleaching testwork testing
additional samples from black shales above and beneath the Buckton
inferred resource, and separate collaborative work being carried
out at CANMET Mining and Minerals Science Laboratories entailing
testwork toward the commercialization of a heap leaching process
for DNI's polymetallic black shales, specifically focusing on
formulating refining procedures for separation of the various Rare
Earth Elements (REEs) from the leaching solution into saleable
end-products, relying on process technologies from Chinese ionic
clay adsorbed REE ores as a guide. 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: 69,546,689 post financing DNI Metals Inc.
CONTACT: DNI Metals Inc. - Shahe Sabag, President & CEO
(416-595-1195) orDenisClement, Chairman (416-364-1909) email
ir@dnimetals.com. Alsovisit www.dnimetals.com.
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