New Dimension Completes Non Brokered Private Placement
February 10 2010 - 7:15PM
Marketwired
New Dimension Resources Ltd. (TSX VENTURE: NDR) (the "Company" or
"New Dimension") announces that it has closed its non-brokered
private placement of 2,865,000 Units at a price of $0.20 per Unit
for gross proceeds of $573,000, subject to final Exchange approval.
Each Unit is comprised of one common share and one half share
purchase warrant. Each full warrant will entitle the holder to
acquire one common share of New Dimension at a price of $0.40 for a
period of 12 months from the date of issuance. The warrants will be
subjected to an accelerated exercise provision if the share price
of New Dimension trades at or above $0.75 for 10 or more
consecutive trading days.
Net proceeds of this private placement will be used to further
the Company's exploration projects, fund possible new acquisitions
and for general working capital.
New Dimension will pay finders' fees in respect of certain
purchasers of securities introduced to the Company by the finder,
all of whom are at arm's length. The finders' fees equal 7% of the
aggregate amount subscribed to by those purchasers (which totaled
1,400,000 Units) and will be paid as to 7% in Units or cash; at the
election of the Company, with these Units having the same terms as
the Units issued to the placees. The finders will also be issued
91,000 broker's warrants, which have the same terms as the Offered
Units and are exercisable into common shares at a price of $0.40
for a period of 12 months immediately following the date of
issuance.
The common shares issued and the common shares underlying the
warrants are subject to a four month hold period from the date of
issuance.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
Fred G. Hewett, P.Eng., President & CEO
This news release may contain forward looking statements which
are not historical facts, such as ore reserve estimates,
anticipated production or results, sales, revenues, costs, or
discussions of goals and exploration results, and involves a number
of risks and uncertainties that could cause actual results to
differ materially from those projected. These risks and
uncertainties include, but are not limited to, metal price
volatility, volatility of metals production, project development,
ore reserve estimates, future anticipated reserves and cost
engineering estimate risks, geological factors and exploration
results. See New Dimension's filings for a more detailed discussion
of factors that may impact expected results.
This news release does not constitute an offer to sell or
solicitation of an offer to sell any securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Neither 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 news release.
Contacts: New Dimension Resources Ltd. Fred Hewett (604)
687-7545 or (888) 338-2200 New Dimension Resources Ltd. Chris
Curran (604) 687-7545 or (888) 338-2200 (604) 689-5041 (FAX)
info@northair.com www.newdimensionresources.com
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