DNI METALS INC. (DNI: TSX-V) / (DG7: Frankfurt)
TORONTO, July 23, 2015 /CNW/ - DNI is also pleased to
announce that it has closed the final tranche of its private
placement announced May 27, 2015. The
final tranche is a total of $52,000.00 or 400,000 units
The securities issued in the final tranche of the Private
Placement are subject to a four-month-and-one-day hold period
expiring on November 24, 2015,
pursuant to applicable securities legislation and the policies of
the TSX Venture Exchange ("TSXV"). A Finder's Fee of $4,160.00 will be paid in connection with this
financing.
Each unit consists of one Common share and one
Warrant. Each warrant entitles the bearer to purchase one
Common Share of the company at an exercise price of C$.20 per share for a period of 18
months from the closing Date.
On June 5, 2015, DNI Metals had
increased the non-brokered private placement to $900,000 or 6,923,076 units to accommodate
demand.
Insiders of the corporation subscribe to 1,800,000 units offered
under the private placement (the "Insiders' Participation"). The
Insiders' Participation is exempt from the formal valuation and
shareholder approval requirements provided under Regulation 61-101
respecting Protection of Minority Holders in Special
Transactions ("Regulation 61-101") in accordance with sections
5.5(a) and 5.7(a) of said Regulation 61-101. The exemption is based
on the fact that the market value of the Insiders' Participation or
the consideration paid by such insider does not exceed 25% of the
market value of the corporation. The corporation did not file a
material change report at least 21 days prior to the completion of
the private placement since the Insiders' Participation was not
determined at that moment.
Closing this financing brings the total raised to $847,015.90 or 6,515,507 units.
The use of Proceeds of the Private Placement will be for
corporate cash flow purposes.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 29,586,204 common shares
We seek Safe Harbour. This announcement includes forward
looking statements. While these statements represent DNI's best
current judgment, they are subject to risks and uncertainties that
could cause actual results to vary, including risk factors listed
in DNI's Annual Information Form and its MD&A's, all of which
are available from SEDAR and on its website.
SOURCE DNI Metals Inc.