(DNI : TSX-Ven, DG7 : Frankfurt)
TORONTO, Nov. 2 /CNW/ - Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) is
pleased to announce that it has completed a non-brokered private placement of
8,500,000 units at a price of $0.08 per unit for total proceeds of $680,000.
Each unit consists of one common share of Dumont and one half of a share
purchase warrant (the "Warrant"), each full Warrant entitling its holder to
purchase one additional common share of DUMONT at a price of $0.15 per share
for a period of up to 18 months from closing. 367,500 of the units were issued
to insiders of Dumont who participated in the Private Placement. The
securities issued under the private placements are subject to a four-month
hold period expiring on March 3, 2008. A commission or finder's fee will be
paid in connection with some of the placements.
Proceeds will be used for ongoing exploration and development of the
Corporation's Utah and Arizona Uranium and Gold mineral properties, to
include: field sampling to identify drill targets at the Marysvale uranium
Property, Utah; initial field work to prioritize targets at the Redwall
uranium Property, Arizona; preparatory work for the next phase of drilling at
the Rattler gold Property, Utah; for review of strategic new acquisitions and
for working capital purposes.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Dumont is a mineral exploration company with operations in Ontario, Utah,
Nevada and Arizona. DUMONT is Operator of the Utah Joint Venture which
controls approximately 15 square miles of mineral properties across the
historic Clifton-Gold Hill gold-silver-copper Mining District. DUMONT
continues to expand its portfolio of uranium exploration projects across
established historic mining districts, and is currently exploring two
Properties in Utah and Arizona. Dumont holds one of the most prospective land
positions in the Attawapiskat diamond area in the James Bay Lowlands, Ontario,
with a carried interest in the Dumont Joint Venture exploring the area through
Metalex Ventures Limited and others under the direction of Mr.Charles Fipke.
All of DUMONT's properties are being actively explored either directly by
Dumont or via joint venture.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 96,298,010 (104,798,010 post-financing)
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