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NEWS RELEASE
DUMONT NICKEL INC. - Jul 16, 2009
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)
For further information, contact:
Dumont Nickel Inc. - Shahe Sabag, President & CEO or Denis Clement, Chairman (416-595-1195)
email ir@dumontnickel.com. Also visit www.dumontnickel.com
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