Darnley Bay Closes Private Placement
July 31, 2013
Darnley Bay Resources Limited (TSX VENTURE:DBL) (the "Company" or "Darnley
Bay") is pleased to announce that it has closed a non-brokered private
placement (the "Offering") of 3,300,000 units at a price of $0.05 per unit,
for gross proceeds of $165,000. Each unit is comprised of one common share
(a "Common Share") in the capital of the Company and one Common Share
purchase warrant (a "Warrant") of the Company. Each Warrant entitles the
holder thereof to purchase one Common Share for a period of two years from
the date of issuance of the Warrants at an exercise price of $0.10 per
Common Share, provided that if, at any time after the date that is more than
four months and one day following the closing of the Offering, the Common
Shares trade on a stock exchange at a volume weighted average trading price
of $0.25, or greater, per Common Share for a period of 20 consecutive
trading days, the Company may accelerate the expiry date of the Warrants by
giving notice to the holders thereof. In such case, the Warrants will expire
on the 30th day after the date on which such notice is given by the Company.
In connection with the Offering, the Company paid certain finders cash
commissions totalling $2,000 and issued an aggregate of 40,000 finder
Warrants, each finder Warrant exercisable into one Common Share at an
exercise price of $0.10 per share for a period of 24 months after the
closing of the Offering, with identical acceleration provisions to the Unit
warrant.
The securities issued pursuant to the private placement are subject to a
four-month hold period. The private placement remains subject to final
acceptance by the TSX Venture Exchange.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of
historical facts, that address future production, reserve potential,
exploration drilling, exploitation activities and events or developments
that Darnley Bay expects are forward-looking statements. Although Darnley
Bay believes the expectations expressed in such statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in the statements. There are certain factors that could cause actual
results to differ materially from those in forward-looking statements. These
include market prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
For more information on Darnley Bay, investors should review registered
filings at www.sedar.com.
Neither the 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 release.
Darnley Bay Resources Limited
Jamie Levy
President and CEO
(416) 862-7889
(416) 862-7885
jlevy@darnleybay.com
Darnley Bay Resources Limited
Greg O'Halloran
Investor Relations
(647) 385-2113
gohalloran@darnleybay.com
www.darnleybay.com
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VanEck Vectors Global Alternative Energy ETF
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CODE : DBL.V |
ISIN : CA2369011044 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
. Darnley holds various exploration projects in Canada. Its main exploration property is PAULATUK (FRANKLIN) in Canada. |