DNI announces flow through financing intention
DNI METALS INC.
TORONTO, Dec. 21, 2011 /CNW/ - DNI Metals Inc.
is pleased to announce that it has filed documentation with regulatory authorities to issue, by way of a non-brokered private placement financing, up to 5,000,000 flow through shares, at a price of 40 cents per share, for aggregate gross proceeds of up to $2,000,000. Expectations are that an insider, other than DNI's management, will subscribe for over 25% of the foregoing financing. Shares issued will be subject to a four-month hold period.The placements are subject to regulatory approvals, and will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of DNI's market capitalization.
Proceeds of the financing will be applied toward DNI's polymetallic shale projects, Athabasca region.
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.
Neither the 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 release.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 60,100,284 (pre-financing)
DNI Metals Inc.
CONTACT: DNI Metals Inc. - Shahe Sabag, President & CEO or Denis Clement,
Chairman - 416-595-1195
email ir@dnimetals.com. Also visit www.dnimetals.com