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New Dimension arranges $3.7-million private placement

2020-08-06 11:33 MT - News Release


Mr. Eric Roth reports

NEW DIMENSION ANNOUNCES PRIVATE PLACEMENT FINANCING FOR THE PURPOSES OF EMBARKING ON A NEW DIVERSIFICATION STRATEGY

New Dimension Resources Ltd. has noted:

Commencement of a private placement financing for gross proceeds of up to a maximum of $3.7-million, with a lead order from Palisades Goldcorp Ltd. and significant participation by management;
Proceeds will assist with advancing the company's existing Canadian gold portfolio, and the acquisition and advancement of new high-grade gold and base-metal projects in favourable, highly prospective jurisdictions. Due diligence is currently under way on two regional opportunities;
New Dimension is seeking to enhance the company's growth strategy following the initial diversification out of Argentina (refer to news release dated April 1, 2020).
Subject to regulatory approval, New Dimension has initiated a private placement financing with a lead order from Palisades Goldcorp. The company intends to complete a non-brokered private placement of up to 60 million units at a price of six cents per unit for gross proceeds of up to $3.7-million. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at 12 cents per share for a period of 36 months.

Insiders will be participating in at least a minimum nine million shares.

Proceeds from this private placement will be used to advance the company's Canadian gold portfolio, and to acquire and advance new high-grade gold and base-metal projects in favourable jurisdictions, as well as for general working capital, which includes settlement of current liabilities.

The company may pay finders' fees in either cash, shares, share purchase warrants or a combination thereof, as permitted by regulators, on a portion of the private placements. Closing of the private placement is expected to occur on or before Aug. 19, 2020. All securities issued under the private placement will be subject to a hold period of four months from the date of issuance of the securities.

About New Dimension Resources Ltd.

New Dimension is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade precious and base metal deposits. The Company's current focus is on the discovery through exploration and drilling of high-grade gold deposits on its 100%-owned Savant Lake project in Ontario and 29.6% interest in the Domain JV in Manitoba.

We seek Safe Harbor.

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