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PRESS RELEASE
DUMONT NICKEL INC. - September 5, 2003
DUMONT ARRANGES $3,000,000 FINANCING
DUMONT NICKEL INC. (DNI: TSX-Ven) is pleased to announce that
it has entered into an agreement with Canaccord Capital Corporation,
as lead agent, and Toll Cross Securities Inc., to place, subject to
regulatory approvals, on a best efforts basis up to 18,750,000 units
of Dumont priced at $0.16 per unit for gross proceeds of $3,000,000.
Each unit is comprised of one common share and one-half of one
common share purchase warrant. Each full warrant entitles the holder
thereof to acquire one additional common share at an exercise price
of $0.24 up to 24 months following the closing. The agents will
receive from DUMONT an aggregate cash
commission equal to 8% of the gross proceeds of the offering as well
as 10% broker warrants priced at $0.24. In addition, there will be
an over-allotment option in favour of the agent to purchase up to
1,875,000 Units at the Offering Price, exercisable until Closing.
Proceeds of the financing will be used to fast-track ongoing work at
DUMONT’s Utah gold and silver projects, and
toward additional land acquisitions.
In a statement, Shahe Sabag, President and CEO of DUMONT states that
“…this financing will allow DUMONT to
significantly advance exploration and development of our properties
in the Clifton-GoldHill Mining District in Utah over the next 6
months…".
DUMONT is planning several work programs on
the 15.5 square miles of mineral properties under the control of the
Utah Joint Venture. The Cane Springs Property work launched in April
is one of three programs already active in the field. The remaining
programs will focus on verification, upgrading and expansion of
historical gold-silver resources as well as on prioritizing targets.
One program will focus on the Clifton Shear corridor by extensive
systematic sampling and drilling. Another program will focus on
determining the source of gold-silver-copper mineralizing events
that have resulted in 43 historical mines and more than 125 metal
showings documented across the Clifton-GoldHill Mining District.
These programs are in their final pre-engineering stages due to be
launched into the field over the next few weeks. Management expects
that these programs will advance several target areas to the
drilling stage which will be announced as they develop.
DUMONT is a mineral exploration company with
operations in Utah and Ontario. All of the Company's properties are
under active exploration either directly by the Company or via joint
venture. DUMONT is Operator of the Utah Joint
Venture with approximately 15.5 square miles of mineral properties
across the historic Clifton-GoldHill Mining District. DUMONT
is one of the largest land holders in the Attawapiskat diamond area
in the James Bay Lowlands, Ontario, with a carried interest in the DUMONT
Joint Venture under the Operatorship of companies under the
direction of Mr.Charles Fipke.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
DNI - TSX Venture; Issued: 34,828,676 common shares
For further information, contact Shahe Sabag, President & CEO
(416-595-1195) or Denis Clement, Chairman (416-364-1909) - or visit
www.dumontnickel.com |
