DNI CONCLUDES FINAL TRANCHE FINANCING TO COMMENCE DRILLING ON ITS ALBERTA POLYMETALLIC BLACK SHALE PROJECTS, ATHABASCA REGION, A
December 23 2010 - 2:50PM
PR Newswire (Canada)
TORONTO, Dec. 23 /CNW/ -- DNI METALS INC. (DNI : TSX-Ven, DG7 :
Frankfurt) TORONTO, Dec. 23 /CNW/ - DNI Metals Inc. (DNI:TSX-Ven,
DG7:FSE) is pleased to announce that it has completed the second
closing of a non-brokered private placement of flow-through shares
with an insider for aggregate gross proceeds of $240,000. The
securities issued under the private placement are subject to a
four-month hold period expiring on April 24, 2011. The financing
consisted of the placement of 2 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 $19,200 and
issuance of 160,000 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 24, 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:
37,800,217 (Post-Financing) To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/23/c7729.html
pDNI Metals Inc. - Shahe Sabag, President & CEO or Denis
Clement, Chairman - 416-595-1195br/ email a
href="mailto:ir@dnimetals.com"ir@dnimetals.com/a. Also visit a
href="http://www.dnimetals.com"www.dnimetals.com/a/p
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