/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 18, 2014 /CNW/ - Duluth Metals Limited (the "Company", "Duluth Metals") (TSX: DM) is pleased to announce that it has completed, together with Barclays, the first tranche of its previously announced best efforts private placement (the "Offering") of an aggregate of 10,052,669 common shares at a price of CDN $0.65 per share for aggregate gross proceeds of approximately CDN $6.5 million. This amount does not include any participation under the pre-emptive rights described below as the time periods for participation have not yet expired.
The net proceeds shall be used to fund development expenses of the Twin Metals Project and for general corporate purposes. All securities issued by Duluth Metals in connection with this Offering will be subject to a statutory four month hold period in Canada.
Under pre-emptive rights, Antofagasta plc and Wallbridge Mining Company Limited have the right to participate under certain circumstances in issuances of common shares of Duluth Metals.