Mr. Dan Weir reports
DNI CLOSES THE 2ND TRANCHE OF A PRIVATE PLACEMENT FOR A TOTAL OF $407,550.00 AND OBTAINS TSX APPROVAL FOR ITS MADAGASCAR ACQUISITION
DNI Metals Inc. has obtained approval from the TSX Venture Exchange for its acquisition of mining claims in Madagascar. For complete details of the transaction, see DNI's press release June 15, 2015.
DNI announces that it has completed the second tranche of a non-brokered private placement by issuing 3,135,000 units at a price of 13 cents per unit, for gross proceeds of $407,550.00. The securities issued in the second tranche of the private placement are subject to a four-month-and-one-day hold period expiring on Nov. 1, 2015, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. A finder's fee of $17,706.00 cash and 84,200 common shares will be paid in connection with this financing.
Private placement
The corporation's board of directors has approved a private placement allowing it to complete a non-brokered private placement of up to 6,923,076 units at a price of 13 cents per unit for gross proceeds of $900,000, subject to TSX Venture Exchange approval.
Each unit consists of one common share and one warrant. Each warrant entitles the bearer to purchase one common share of the corporation at an exercise price of 20 cents per share for a period of 18 months from the closing date.
The use of proceeds of the private placement will be for corporate cash flow purposes.
We seek Safe Harbor.
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