DNI Metals Inc. signs Letter of Intent for a Graphite Property in Madagascar
09.03.2015 | CNW
TORONTO, March 9, 2015 /CNW/ - DNI Metals Inc. (DNI : TSX-V) (DG7 : Frankfurt) Upon completion of a 90 day Due Diligence period, and final board approval, DNI will have the right to purchase, a historical producing graphite property in Madagascar.The property sits between two currently producing graphite assets, next to the country's main highway, approximately 50 km south of Madagascar's main port, of Toamasina.
Madagascar is known for large flake and high quality graphite; the vast majority of which is sourced from the central-eastern part of the country near Toamasina. The project lies in a well-defined graphitic belt, that has been producing for over 50 years.
The purchase price is 4 million common shares of DNI Metals, and U$400,000 cash.
The Cash component will be paid as follows:
U$10,000, upon signing the LOI
U$90,000, at the end of the 90 DD period
U$150,000, 6 months after the signing of the final agreement
U$150,000, shall be paid at the decision to Mine on the property.
The shares will be granting when the final agreement is signed, on or before the end of the 90 day DD period, the shares may be subject to an escrow period.
DNI's new management team, continues to assess Graphite Assets, around the world.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 18,985,702 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&As, all of which are available from SEDAR and on its website.
Contact
DNI Metals Inc.
Dan Weir, President & CEO 416-595-1195
DanWeir@dnimetals.com, email ir@dnimetals.com.
Also visit www.dnimetals.com