By Devika Patel
Knoxville, Tenn., May 12 - New Dimension Resources Ltd. said it will raise C$1.4 million in a non-brokered private placement of units and stock.
The company will sell 7 million units at C$0.15 apiece for C$1.05 million and 1.75 million flow-through shares at C$0.20 apiece for C$350,000.
Each unit comprises one common share and one half-share transferable warrant. Each whole warrant is exercisable at C$0.25 for two years.
The warrants may expire sooner if the company's shares trade at or above C$0.75 for 10 or more consecutive trading days.
Proceeds will be used for drill programs at the company's Domain Project in Canada and Reese River Projects in Nevada, to fund other existing exploration programs in Nevada and Peru, for new acquisitions and for general working capital.
New Dimension Resources is a mineral exploration company based in Vancouver, B.C.
| Issuer: | New Dimension Resources Ltd.
|
| Issue: | Units of one common share and one half-share transferable warrant; flow-through shares
|
| Amount: | C$1.4 million
|
| Agent: | Non-brokered
|
| Pricing date: | May 12
|
| Stock symbol: | TSX Venture: NDR
|
| Stock price: | C$0.15 at close May 9
|
|
|
| Units
|
| Amount: | C$1.05 million
|
| Units: | 7 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
|
|
| Shares
|
| Amount: | C$350,000
|
| Shares: | 1.75 million
|
| Price: | C$0.20
|
| Warrants: | No
|
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