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DNI Metals closes $35,000 fourth tranche of placement

Apr 19, 2016

DNI METALS INC. ANNOUNCES CLOSING OF FOURTH TRANCHE OF PRIVATE PLACEMENT

Further to its news release dated Jan. 29, 2016, DNI Metals Inc. has closed, subject to final regulatory approval, the fourth tranche of its non-brokered private placement financing. The fourth tranche comprises 700,000 units of the company at a price of five cents per unit for aggregate gross proceeds of $35,000. Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one additional common share at a price of 10 cents per common share for a period of 18 months following the date of the closing of the fourth tranche. All securities issued under the third tranche are subject to a four-month hold period expiring on Aug. 19, 2016. A finder’s fee of $4,400 cash will be paid, in conjunction with this closing.

The company will to use the proceeds raised from the fourth tranche to finance general and operating working capital.