Toronto (pcJ News Briefs) – DNI Metals Inc. (CSE: DNI; OTCPK: DMNKF) intends to close a non-brokered private placement of up to 38,461,538 units at a price of $0.065 per unit for gross proceeds of up to $2,500,000.
Each unit consists of one common share and a half purchase Warrant. Each warrant entitles the bearer to purchase one common share at an exercise price of C$.10 per share for a period of 18 months from the closing date.
Proceeds will be for corporate cash flow purposes.
DNI owns a commercially permitted, saprolite-hosted graphite deposit in Madagascar, located 50kms from the country’s main seaport. DNI has not yet established mineral resources or mineral reserves supported by a PEA or mining study. DNI has a graphite wholesale business, in which it buys and sells high quality graphite.
photo credit: DNI Metals