NEWS RELEASE
- July 16, 2009
DUMONT
NICKEL INC. (DNI : TSX-Ven, DG7 : Frankfurt)
DUMONT CONCLUDES INTERIM FINANCING FOR ALBERTA POLYMETALLIC BLACK SHALE
PROJECTS WITH SECOND TRANCHE CLOSING
DUMONT
NICKEL INC. (DNI:TSX-Ven, DG7:FSE) is pleased to announce that it has completed
the second, and final, tranche of the non-brokered private placement financing
of flow-through and non-flow-through shares announced July 2, 2009. The second
tranche consisted of the issuance of 2,340,000 units at a price of 2.5 cents
per unit for gross proceeds of $58,500, each unit consisting of one common
share and one common share purchase warrant entitling the holder to purchase an
additional common share of the company at a price of five cents for a period of
twelve months from closing. Securities issued are subject to a four-month hold
period expiring on November 17, 2009.
The
aggregate financing, which closed in two tranches, secured gross proceeds of
$266,000 by: (a) placement of 2,700,000 flow through shares at a price of 2.5
cents each; and (b) placement of 7,940,000 units at a price of 2.5 cents per
unit, each unit consisting of one common share and one common share purchase
warrant entitling the holder to purchase an additional common share of the
company at a price of five cents for a period of twelve months from closing. A
total of $2,550 were paid in commissions. The foregoing figures include
revisions to first tranche figures previously announced (July 2, 2009).
Proceeds of
the financing will be applied toward ongoing work on DUMONT's polymetallic
black shale Properties in Alberta, toward the related sampling and leaching
testwork program announced June 11, 2009, to optimize metals recovery
parameters, and toward meeting short term operating working capital
requirements. Proceeds will also be applied toward field work scheduled to
start in early August.
DUMONT
continues to focus its efforts on its polymetallic black shale Properties in
Alberta, and its carried interest in the recent diamond discovery from its
Attawapiskat Property, Ontario.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
DNI - TSX
Venture
DG7 - Frankfurt
Issued: 163,348,101 (165,688,101 post financing)