Mar 24, 2011
New Dimension Closes $1,209,000 Private Placement
New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") has closed its non-brokered private placement of 6,045,000 Units at a price of $0.20 per Unit for gross proceeds of $1,209,000. Each Unit is comprised of one common share and one warrant, with each warrant entitling the holder to acquire one additional common share of New Dimension at a price of $0.30 for a period of 12 months immediately following the closing date. The warrants will be subjected to an accelerated exercise provision if the share price of New Dimension trades at or above $0.50 for 10 or more consecutive trading days.
New Dimension paid finder's fees in respect of certain purchasers of securities introduced to the Company by the finder. The finder's fees equaled 5% of the aggregate amount subscribed to by those purchasers (which totaled $1,002,000) and was paid in shares. The finders were also issued 237,500 finder's warrants, which have the same terms as the Offered Units and are exercisable into common shares at a price of $0.30 for a period of 12 months immediately following the date of issuance.
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.
The common shares issued and the common shares underlying the warrants are subject to a four month hold period ending on July 23, 2011.
About New Dimension Resources
New Dimension is engaged in the acquisition, exploration and development of quality mineral resource properties throughout the Americas with a focus on significant bulk tonnage gold and silver deposits. In addition to its 100% owned Cenepa gold project in northern Peru, New Dimension has an option to earn a 100% interest in Strategic Metals' Gild gold property within a geological belt that the Company & Strategic Metals believes has similar characteristics to discoveries by ATAC Resources Ltd. in the Yukon (http://media3.marketwire.com/docs/ndr-gild.pdf). Drilling on the ATAC Property has returned significant gold values, as demonstrated by announced intercepts of 9.25 g/t gold over 31.1 metres and 24.07 g/t gold over 28.4 metres from over 25,000 metres of diamond drilling in excess of 130 holes. An initial exploration program is anticipated by the Company as soon as spring weather conditions allow. Subject to favourable results from this initial program and the receipt of all necessary permits, a drill program is likely to be carried out in the fall of 2011.
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: firstname.lastname@example.org
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.
You can view the Next News Releases item: Thu Jun 2, 2011, New Dimension Commences Exploration Programs in the Yukon and NWT
You can view the Previous News Releases item: Thu Mar 10, 2011, New Dimension Grants Stock Options
You can return to the main News Releases page, or press the Back button on your browser.