DNI Metals (DNI-Cse) Due To Overwhelming Demand, Increased The Size Of The Warrant Repricing Offer And Raised A Total Of Cdn$1.529 Million
Aug 7, '18 - NR
DNI Metals, is pleased to announce it has raised a total of $1,529,312 from the exercise of 19,116,404 warrants and issuance of 19,116,404 common shares of the Company. Due to the demand of the existing shareholders and warrant holders, DNI's board approved the increase of the warrant offer from $1.25 million to $1.53 million. The warrant offer was announced on June 28, 2018 and expired on July 30, 2018. Upon the exercise of a warrant, the warrant holder received a common share and a new warrant.
Each new full warrant entitles the bearer to purchase one Common Share of the company at an exercise price of C$.20 per share for a period of 60 months from the exercise date. If the closing market price of the Common Shares of the Company on the Canadian Securities is equal to or greater than, $.30 per Common Share for a period of 30 consecutive trading days, or upon the public announcement of the board's decision to build a processing plant capable of producing 10,000 metric tonnes per year of graphite, then the Company may deliver a notice (the "Acceleration Notice") to the Warrant holder notifying such Warrant holder that the Warrants must be exercised within thirty (30) calendar days from the date of the Acceleration Notice, otherwise the Warrants will expire at 4:00 p.m. (Toronto time) on the thirtieth (30th) calendar day after the date of Acceleration Notice.
To help meet the demand, one of the Company's directors transferred, for no consideration, 2,240,374 warrants to investors that exercised the warrants.
Equity for Debt
DNI has issued 699,419 shares to settle debts of $57,888.
Options
In accordance with the company's Stock option Plan, DNI grants 5,250,000 options to allow the purchase of 5,250,000 shares of the Company for a period of five (5) years from August 3, 2018, at $.08, vesting immediately.
DNI - Canadian Securities Exchange
DMNKF - OTC
Issued: 120,698,403
For further information, contact:
DNI Metals Inc. - Dan Weir, CEO 416-595-1195
DanWeir@dnimetals.com
Also visit www.dnimetals.com |
