Dunav Resources Ltd. Announces TSX Venture ExchangDunav Resources Ltd.
TSX VENTURE :
DNV
June 06, 2011 08:09 ET
Dunav Resources Ltd. Announces TSX Venture Exchange Acceptance of Transaction and Closing of Private Placement
LONGUEUIL, QUÉBEC--(Marketwire - June 6, 2011) -Dunav Resources Ltd. (TSX VENTURE:DNV) (the "Company") is pleased toannounce that the TSX Venture Exchange ("TSXV") has provided finalacceptance of the Company's previously announced transaction consistingof an option to acquire a 100% interest in certain mineral projects inSerbia from Dundee Precious Metals Inc. (the "Transaction"). Pleaserefer to the Company's information circular dated March 25, 2011 for amore detailed description of the Transaction.
Under the TSXVpolicies, the Transaction was deemed to be a reverse takeover and assuch was subject to a number of conditions, including obtainingshareholders' approval, filing technical reports and the entering intoof escrow agreements. All of these conditions have been met and TSXVfinal acceptance of the Transaction has now been received. With thecompletion of the Financing (see below), the Company has also satisfiedthe financing condition to the Transaction, which was to raise a minimumof $10,000,000.
The Company has until October 4, 2011 to exerciseits option to complete the Transaction. Additional conditions tocompletion of the Transaction remain, including the Company having tospend a minimum of $3,000,000 on certain Serbian mineral properties.Assuming the Company does exercise its option to complete theTransaction, which cannot be guaranteed, the Company will issue toDundee Precious Metals Inc. that number of units of the Company'ssecurities so that Dundee Precious Metals Inc. will hold 47.5% of thethen issued and outstanding capital of the Company on a non–dilutedbasis.
Completion of Private Placement Financing
TheCompany is also pleased to announce that, further to its news releasesof May 3, 2011 and June 2, 2011, it has completed its private placementof 21,209,933 units at a price of
.60 per unit, for gross proceeds of$12,725,960 (the "Financing"). Each unit consists of one common shareand one-half of one share purchase warrant exercisable for 24 monthsfrom closing at
.80 to acquire one common share. The warrants aresubject to the Company's right to accelerate expiry under certaincircumstances. The Company paid a total of $351,095 in finder's fees inconnection with the Financing. Under applicable Canadian securitieslaws, all securities issued under the Financing are subject to a holdperiod expiring October 4, 2011. With the Financing and the privateplacement completed in October 2010, the Company has raised an aggregatetotal of $16,725,968.
The Company intends to apply the proceedsraised from the Financing for the advancement of its explorationactivities in Serbia and for general working capital purposes.