PP For More Drilling I have to say I am very happy to see drilling take place. I talked to the company last week and word was that they were looking to drill more in the fall. I hope that they can upgrade the Buckton to indicated or even measured. $450,000 will only do 4500 metres but depending on depth it could be 20 holes or more.
I also like how the company is only going to the well when they need money, I have seen so many companies do large financings and then in turn their burn rate went through the roof. This does not seem to be the case with DNI. Well done!
DNI Metals Inc : DNI Completes Interim Financing To Resume Drilling On Its Alberta Polymetallic Black Shale Projects, Athabasca Region, Alberta.
05/23/2012 | 10:33am
NEWS RELEASE
DNI METALS INC. - May 23, 2012
DNI COMPLETES INTERIM FINANCING TO RESUME DRILLING ON ITS ALBERTA POLYMETALLIC BLACK SHALE PROJECTS, ATHABASCA REGION, ALBERTA
DNI METALS INC. (DNI:TSX-Ven)( DG7:FSE) is pleased to announce that it has completed a non-brokered private placement of flow-through shares, with arm's length parties, for aggregate gross proceeds of $450,000. The securities issued under the private placements are subject to a four-month hold period expiring on September 23, 2012.
The financing consisted of the placement of 1,000,000 flow-through shares at a price of 45 cents per share. A commission was paid in connection with the placement, consisting of an aggregate of $31,500 and issuance of 70,000 warrants, each warrant entitling the holder to purchase an additional common share of the company at a price of 45 cents for a period of twelve months from closing. Shares underlying the broker warrants are subject to a four-month hold period expiring on September 23, 2012.
Proceeds of the above financing, together with funds in treasury, will be applied toward resuming drilling at DNI's polymetallic shale properties, Alberta, to complete two drill programs during early fall. The planned drilling is intended to commence drilling over the Buckton South mineralized zone with the objective of delineating an initial resource, and will also include coring of strategic holes to expand and upgrade the Buckton inferred resource (announced October 24, 2011). Additional details of the drilling programs will be announced at a later date.
The above financing is part of a larger private placement financing, on terms which contemplate issuance of up to 3,000,000 flow-through shares at a price of 45 cents per share, for gross proceeds of up to $1,350,000.
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: 69,246,689 post financing