Duncan Park Announces Completion of Private Placement
September 19 2013 - 4:30PM
Marketwired Canada
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
Duncan Park Holdings Corporation (TSX VENTURE:DPH)(OTCQX:DCNPF) announced today
that it has issued an additional 12,500,000 common shares at a price of $0.01
per share pursuant to its previously announced non-brokered private placement
(the "Private Placement"). In total, the Company raised $200,000, the maximum
amount offered pursuant to the Private Placement, including an earlier tranche
that was closed last month.
The Private Placement was priced in reliance of the temporary relief measures
established by the TSX Venture Exchange. As previously announced, the principal
purpose of the proceeds of the Private Placement is to pay the final $75,000
property payment to complete the earn-in on the McManus property and to provide
working capital to maintain or preserve Duncan Park's existing operations,
activities and assets.
The Company anticipates that the proceeds from the Private Placement will be
used as follows:
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Use of Proceeds Amount
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1. Final McManus property payment $ 75,000
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2. Accounts payable 56,392
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3. Estimated additional property related costs (transfer and
registration of title) 10,000
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4. Estimated regulatory compliance, legal and administrative
costs to year-end 39,900
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5. Working Capital 18,708
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Total $ 200,000
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The securities issued pursuant to the Private Placement are subject to a
four-month hold period. Insiders of the Company subscribed for $15,000 of
shares. The Private Placement was approved by the non-interested directors of
the Company. A material change report in respect of the Private Placement could
not be filed at least 21 days prior to closing as material information
concerning the Private Placement was not then known by the Company.
About Duncan Park
Duncan Park is a Toronto-based mineral exploration company exploring for gold
and other precious metals in Ontario's prolific Red Lake gold mining district.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange Inc.) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, information with respect to the use of proceeds
from Duncan Park's private placement. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as "plans",
"expects", or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". Forward-looking information is based on the opinions
and estimates of management at the date the information is made, and is based on
a number of assumptions and is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of Duncan Park to be materially different from those
expressed or implied by such forward-looking information, including risks
associated with the exploration, development and mining industry such as
economic factors, future commodity prices, changes in foreign exchange and
interest rates, government regulation, environmental risks, permitting
timelines, capital expenditures, operating or technical difficulties in
connection with exploration and development activities, availability of skilled
labour and equipment, the speculative nature of gold exploration and
development, contests over title to properties, and changes in project
parameters as plans continue to be refined as well as those risk factors
discussed in Duncan Park's management's discussion and analysis for the period
ended May 31, 2013, available on www.sedar.com. Although Duncan Park has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue
reliance on forward-looking information. Duncan Park does not undertake to
update any forward-looking information contained herein, except in accordance
with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Duncan Park Holdings Corporation
Ian McAvity
President & CEO
416-203-0860
ian@duncanpark.com
www.duncanpark.com
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