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NEWS RELEASE
DNI METALS INC. - December 22, 2011
DNI CONCLUDES FLOW THROUGH FINANCING
DNI METALS INC. (DNI:TSX-Ven)( DG7:FSE)
is pleased to announce that it has completed a non-brokered private placement of 2,990,000 flow-through shares, at a price of 40 cents per share, with arm's length and non-arm’s length parties, for aggregate gross proceeds of $1,196,000. Of the foregoing placements, $600,000 were subscribed for by an insider of DNI who is at arm’s length to DNI’s management. The securities issued under the private placements are subject to a four-month hold period expiring on April 23, 2012.
An aggregate of $82,600, were paid by way of finder fee in connection with a portion of the placements, in addition to 206,500 broker warrants entitling the holders to acquire 206,500 shares of DNI for a period of eighteen months from closing at a price of 40 cents per share.
The placements are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of DNI’s market capitalization.
Proceeds of the financing will be applied toward DNI’s polymetallic shale projects, Athabasca region.
DNI continues to focus its efforts on its polymetallic black shale Properties in Alberta, and on its carried interest in the diamond discovery on 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: 63,090,284 (post-financing)
For further information, contact:
DNI Metals Inc. - Shahe Sabag, President & CEO or Denis Clement, Chairman - 416-595-1195
email ir@dnimetals.com. Also visit www.dnimetals.com
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