Business
New Dimension Resources Closes Oversubscribed Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 11, 2016) - New Dimension Resources Ltd. (TSX VENTURE:NDR) (the "Company" or "New Dimension") is pleased to anno
About this update from Capella Minerals Limited
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 11, 2016) - New Dimension Resources Ltd. (TSX VENTURE:NDR) (the \"Company\" or \"New Dimension\") is pleased to announce that it has closed its non-brokered private placement totaling 4,796,445 Units (the \"Units\") at a price of $0.09 per Unit for proceeds of $431,680.05. Each Unit is comprised of one common share and a one half warrant. Each warrant entitles the holder to acquire one additional common share of New Dimension at a price of $0.20 per share for a period of 24 months immediately following the closing date. The warrants are subjected to an accelerated exercise provision if the share price of New Dimension trades at or above $0.45 for 10 or more consecutive trading days. Net proceeds of this private placement will be used to fund exploration on the Company's Savant Lake gold project (the \"Property\") and general working capital. The Units are subject to a four-month hold period which expires on September 10, 2016. About Savant Lake Gold Project Savant Lake covers a classic iron formation hosted system of gold occurrences within a very prospective mineral district in northwestern Ontario. The Property, which has not been significantly explored since the early 1980's, hosts seven known gold occurrences that have yielded high grade gold values up to 138.9 g/t from surface prospecting. New Dimension was attracted to the Savant Lake gold project for its gold in iron formation characteristics that it believes are analogous to Goldcorp's neighbouring Musselwhite gold mine and Agnico Eagle's newly discovered Amaruq deposit in Nunavut. The Company can earn a 100% interest in the Savant Lake gold project by paying the vendors C$100,000 and issuing 600,000 shares of New Dimension over a four year period. The Property is subject to a 2% NSR, of which one percent (1%) can be purchased for C$1,000,000. About New Dimension Resources Ltd.: New Dimension is engaged in the acquisition, exploration and development of quality mineral resource properties throughout the Americas with a focus on potential bulk tonnage gold and silver deposits. The Company is currently focused on mineral projects in Canada with a priority directed toward the Savant Lake gold property. New Dimension also holds a 30% interest in a joint venture with Yamana Gold Inc. on the Domain Gold property in northern Manit...