DNI Metals Inc. (DNI:TSX-Ven, DG7:FSE)
TORONTO, Dec. 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 shares with arm's length parties for aggregate gross proceeds of $600,000. The securities issued under the private placement are subject to a four-month hold period expiring on April 10, 2011.
The financing consisted of the placement of 5 million flow-through shares at a price of 12 cents per share. A commission was paid in connection with the placement, consisting of an aggregate of $48,000 and issuance of 400,000 warrants, each warrant entitling the holder to purchase an additional common share of the company at a price of 12 cents for a period of eighteen months from closing. Shares underlying the broker warrants are subject to a four-month hold period expiring on April 10, 2011.
Proceeds of the financing, together with funds secured during the past few months, will be applied toward commencing a winter drilling program to advance the two Potential Mineral Deposits previously identified (announced November 10, 2008) through resource studies toward scoping and economic studies.
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: 35,800,217 (Post-Financing)
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