Duluth Metals Completes Initial Tranche of Private Placement with Antofagasta for Approximately CDN $1 Million
4:19p ET November 10, 2014 (PR NewsWire) Print
Duluth Metals Limited ("Duluth", "Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that, further to its news release dated November 3, 2014, it has completed the initial tranche of the private placement with Antofagasta Investment Company Limited ("Antofagasta"), comprised of 2,222,222 common shares at a price of CDN$0.45 per share for gross proceeds of approximately CDN$1,000,000. The private placement was completed in connection with a binding agreement dated November 3, 2014 (the "Acquisition Agreement") between Duluth and Antofagasta, whereby Antofagasta has agreed, subject to the terms of the Acquisition Agreement, to acquire all of the outstanding common shares of Duluth by way of a friendly take-over bid or a plan of arrangement at a price of CDN$0.45 per common share in cash (the "Transaction"). A second tranche of the private placement, in the amount of CDN$1.3 million, is expected to be completed on the date of execution of a definitive agreement with respect to the Transaction, which is scheduled to occur by November 21, 2014.
