Dakar plans up to C$6 million placement of subscription receipts

Deal raises proceeds for operations, working capital and acquisitions

By Devika Patel

Knoxville, Tenn., Nov. 6 - Dakar Resource Corp. said it plans to price a private placement of subscription receipts to raise between C$4 million and C$6 million.

The deal will be conducted on a commercially reasonable-efforts basis by agents Haywood Securities Inc. and Emerson Equity LLC.

Settlement is expected on Nov. 30.

The company also said it plans to acquire Proteus Energy Corp., a private company with oil and gas assets in California, through a reverse takeover. Dakar will issue 84,596,937 common shares to Proteus shareholders for 12,566,963 Proteus common shares and 1,771,501 Proteus series A preferred shares.

Proceeds will be used for the resulting issuer's operations, planned acquisitions and working capital.

Vancouver, B.C.-based Dakar is currently a mineral explorer.

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