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| | February 10, 2010
New Dimension Completes Non Brokered Private Placement
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| | New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") announces that it has closed its non-brokered private placement of 2,865,000 Units at a price of $0.20 per Unit for gross proceeds of $573,000, subject to final Exchange approval. Each Unit is comprised of one common share and one half share purchase warrant. Each full warrant will entitle the holder to acquire one common share of New Dimension at a price of $0.40 for a period of 12 months from the date of issuance. The warrants will be subjected to an accelerated exercise provision if the share price of New Dimension trades at or above $0.75 for 10 or more consecutive trading days.
Net proceeds of this private placement will be used to further the Company's exploration projects, fund possible new acquisitions and for general working capital.
New Dimension will pay finders' fees in respect of certain purchasers of securities introduced to the Company by the finder, all of whom are at arm's length. The finders' fees equal 7% of the aggregate amount subscribed to by those purchasers (which totaled 1,400,000 Units) and will be paid as to 7% in Units or cash; at the election of the Company, with these Units having the same terms as the Units issued to the placees. The finders will also be issued 91,000 broker's warrants, which have the same terms as the Offered Units and are exercisable into common shares at a price of $0.40 for a period of 12 months immediately following the date of issuance.
The common shares issued and the common shares underlying the warrants are subject to a four month hold period from the date of issuance.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
"Fred G. Hewett"
___________________________
Fred G. Hewett, P.Eng.
President & CEO
For further information please contact Fred Hewett or Chris Curran
at (604)687-7545 or (888)338-2200
** INTERNET ADDRESS: www.newdimensionresources.com **
Email: info@northair.com
Neither 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 news release.
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See New Dimension's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. |
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