(DNI : TSX-Ven, DG7 : Frankfurt)
TORONTO, Sept. 21 /CNW/ - Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) is pleased to announce that it has completed the first tranche of a non-brokered private placement financing of flow-through shares, with arm's length parties, for total proceeds of $180,000. The securities issued under the private placements are subject to a four-month hold period expiring on January 22, 2010. A second tranche is anticipated to close by the end of September.
The financing consisted of the placement of 7,200,000 flow through shares at a price of 2.5 cents each. A finder fee was paid in connection with the placements consisting of $9,000 and 360,000 broker warrants, each warrant entitling the holder to purchase an additional common share of the company at a price of five cents for a period of twelve months from closing.
The current closing is part of a larger private placement financing to be concluded by the end of September 2009, on terms which contemplate issuance of up to up to 30,000,000 million flow-through shares at a price of 2.5 cents each, for gross proceeds of up to $750,000. Insiders might participate in the financing.
Proceeds of the financing will be applied toward ongoing work on Dumont's polymetallic shale Properties in Alberta, toward the related sampling and leaching testwork program announced June 11, 2009, to optimize metals recovery parameters.
Dumont continues to focus its efforts on its polymetallic black shale Properties in Alberta, and on its carried interest in the recent diamond discovery from 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: 165,688,010 (172,888,010 post financing)
SOURCE DNI Metals Inc.
For further information: For further information: Dumont Nickel Inc. - Shahe Sabag, President & CEO; or Denis Clement, Chairman, (416) 595-1195, email firstname.lastname@example.org. Also visit www.dumontnickel.com