DNI METALS INC. (DNI : TSX-V)(DG7 : Frankfurt)
TORONTO, March 9, 2015 /CNW/ - Upon completion of a 90 day
Due Diligence period, and final board approval, DNI will have the
right to purchase, a historical producing graphite property in
Madagascar.
The property sits between two currently producing graphite
assets, next to the country's main highway, approximately 50 km
south of Madagascar's main port,
of Toamasina.
Madagascar is known for large
flake and high quality graphite; the vast majority of which is
sourced from the central-eastern part of the country near
Toamasina. The project lies in a well-defined graphitic belt,
that has been producing for over 50 years.
The purchase price is 4 million common shares of DNI Metals, and
U$400,000 cash.
The Cash component will be paid as follows:
U$10,000, upon signing the LOI
U$90,000, at the end of the 90 DD period
U$150,000, 6 months after the signing of the final agreement
U$150,000, shall be paid at the decision to Mine on the
property.
The shares will be granting when the final agreement is signed, on
or before the end of the 90 day DD period, the shares may be
subject to an escrow period.
DNI's new management team, continues to assess Graphite Assets,
around the world.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 18,985,702 common shares
We seek Safe Harbour. This announcement includes forward
looking statements. While these statements represent DNI's best
current judgment, they are subject to risks and uncertainties that
could cause actual results to vary, including risk factors listed
in DNI's Annual Information Form and its MD&As, all of which
are available from SEDAR and on its website.
SOURCE DNI Metals Inc.