Nov 20 2010
DNI Metals Inc. (DNI:TSX-Ven, DG7:FSE) announces that it has concluded the financing announced on November 10, 2010, with gross proceeds of $42,000 from the non-brokered private placement of flow-through and non-flow-through shares, of which amount $28,000 was placed with an insider.
The financing consisted of: (i) the placement of 100,000 units at a price of 14 cents per unit, each unit consisting of one common share and one half of a common share purchase warrant, each full warrant entitling the holder to purchase an additional common share of the company at a price of 20 cents for a period of eighteen months from closing; and (ii) the placement of 200,000 flow-through shares at a price of 14 cents per share. The securities issued under the private placements are subject to a four-month hold period expiring on March 19, 2011.
Proceeds of the financing will be applied toward DNI's polymetallic shale properties, Athabasca region, Alberta, toward expanded metals leaching R&D testwork which has commenced.
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.
Source: DNI Metals Inc.