Dunav Resources and Dundee Precious Metals Complete Transaction
Published : September 02, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

LONGUEUIL, QUEBEC--(Marketwire - Sept. 2, 2011) - Dunav Resources Ltd. (TSX VENTURE:DNV) ("Dunav") and Dundee Precious Metals Inc. (News - Market indicators) ("DPM") are pleased to announce the completion of the acquisition by Dunav of DPM's 100% interest in the Tulare copper and gold project, the Surdulica molybdenum project, and other early stage projects located in Serbia (hereinafter referred to as the "Serbian Projects"). As previously announced Dunav, having met the minimum equity financing of $10 million ($16,725,968 was raised) and the revised minimum expenditures of $1 million on the Serbian Projects, notified DPM of its decision to exercise the option to acquire the Serbian Projects.

As a consideration for the acquisition, Dunav issued to DPM 47,257,922 common shares and warrants to purchase 36,790,009 common shares at a price of $0.42 each for a period of 24 months from issuance, subject to acceleration under certain circumstances. In accordance with the policies of the TSX Venture Exchange, the securities issued to DPM are subject to escrow requirements for a Tier 2 issuer. All securities issued to DPM are subject to a hold period under applicable securities laws until January 2, 2012. Following this transaction, DPM holds approximately 47.5% of the issued and outstanding capital of Dunav on a non–diluted basis.

The companies also entered into ancillary agreements, including: a standstill agreement relating to certain conduct of DPM, dependent upon its ownership position in Dunav, relating to take-over bids; and a qualification rights agreement pursuant to which DPM will be entitled to request the qualification for distribution by prospectus in all provinces of Canada (other than Québec) of DPM's shares of Dunav, at DPM's expense, as long as DPM holds more than 20% of the outstanding shares of Dunav. DPM also has a participation right to maintain its pro-rata ownership in Dunav.

During the option period, Dunav has spent approximately $1.6 million on the Serbian Projects. On April 28, 2011, Dunav released results of its initial exploration program on the Tulare copper-gold project. Dunav expects to announce an update on its exploration program shortly. 

About Dunav Resources

Dunav Resources is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Serbia. Additional information about the transaction with DPM and the Serbian Projects is available in Dunav's information circular dated March 25, 2011 and technical reports for the Tulare and Surdulica projects filed on SEDAR (www.sedar.com) and on Dunav's website (www.dunavresources.com).

About Dundee Precious Metals

Dundee Precious Metals Inc. is a well-financed, Canadian based, international gold mining company engaged in the acquisition, exploration, development, mining and processing of precious metals. DPM's principal operating assets include the Chelopech operation, which produces a gold, copper and silver concentrate, located east of Sofia, Bulgaria; the Kapan operation, which produces gold, copper, zinc and silver concentrates, located in southern Armenia; and the Tsumeb smelter, a concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold properties located in Bulgaria, Serbia, and northern Canada, including interests held through its 51.4% owned subsidiary, Avala Resources Ltd., and its 11.6% interest in Sabina Gold & Silver Corp.

This press release contains forward-looking information. Although Dunav or DPM, as the case may be, believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Dunav or DPM, as the case may be, can give no assurance that they will prove to be correct. Forward-looking information is subject to known and unknown risks and uncertainties, and depends on assumptions and other factors, all of which may cause actual results or events to differ materially from those anticipated in the forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and Dunav and DPM undertake no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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 release.

Dunav Resources Ltd.
James Crombie
President and Chief Executive Officer
450-677-3868
450-677-2601 (FAX)
info@dunavresources.com
or
Dundee Precious Metals Inc.
Jonathan Goodman
President & Chief Executive Officer
(416) 365-2408
jgoodman@dundeeprecious.com
Data and Statistics for these countries : Armenia | Bulgaria | Canada | Namibia | Serbia | All
Gold and Silver Prices for these countries : Armenia | Bulgaria | Canada | Namibia | Serbia | All

Dundee Precious Metals Inc

PRODUCER
CODE : DPM.TO
ISIN : CA2652692096
CUSIP : 265269-20-9
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Dundee Precious Metals is a zinc and gold producing company based in Canada.

Dundee Precious Metals produces zinc, gold, copper and silver in Armenia, develops copper, gold and silver in Bulgaria.

Its main asset in production is KAPAN in Armenia, its main assets in development are CHELOPECH and KRUMOVGRAD in Bulgaria and its main exploration property is SURDULICA in Bulgaria.

Dundee Precious Metals is listed in Canada. Its market capitalisation is CA$ 1.4 billions as of today (US$ 1.1 billions, € 948.0 millions).

Its stock quote reached its highest recent level on December 17, 2010 at CA$ 9.99, and its lowest recent point on January 22, 2016 at CA$ 0.84.

Dundee Precious Metals has 178 440 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Dundee Precious Metals Inc
2/27/2019Exyn introduces robots into Dundee Precious Metals' gold min...
4/13/2010Discovers New Gold Deposits in Bulgaria
Financings of Dundee Precious Metals Inc
10/9/2013Issued Shares and Warrants of Sabina Gold & Silver Corp. on ...
6/11/2013Announces Result of Early Warrant Exercise Program
Nominations of Dundee Precious Metals Inc
3/21/2013DPM Board Announces Executive Transition and Senior Officer ...
11/14/2012DPM Board Announces Senior Appointment
9/19/2012Eira Thomas Joins Dundee Precious Metals' Board of Directors
Financials of Dundee Precious Metals Inc
10/15/2013NOTICE: DPM 2013 Third Quarter Financial Results
8/1/2013Announces 2013 Second Quarter Results
7/10/2013NOTICE: DPM 2013 Second Quarter Financial Results
5/9/2013Announces 2013 First Quarter Results
4/17/2013NOTICE: DPM 2013 First Quarter Financial Results
2/15/2013Announces 2012 Fourth Quarter and Annual Results and 2013 Gu...
1/24/2013NOTICE: DPM Fourth Quarter and Year End 2012 Results
11/7/2012Announces 2012 Third Quarter Results
10/18/2012NOTICE: Dundee Precious Metals 2012 Third Quarter Results
8/1/2012Announces 2012 Second Quarter Results and Updated 2012 Guida...
7/9/2012NOTICE: DPM 2012 Second Quarter Results
5/8/2012DPM First Quarter 2012 Financial Results
10/14/2011NOTICE: DPM Third Quarter 2011 Results
7/11/2011NOTICE: DPM Second Quarter 2011 Results
4/27/2011Notice: DPM Annual General Meeting and 2011 First Quarter Re...
2/23/2011DPM Reports Fourth Quarter 2010
Project news of Dundee Precious Metals Inc
9/16/2013s 2013 Production Guidance
5/16/2013(Chelopech)Confirms Fundamentals Unchanged; Chelopech Mine Operating at...
9/10/2012(Chelopech)DPM Files Technical Report on Chelopech Pyrite Recovery Proj...
1/13/2012(Krumovgrad)Files Technical Report on Krumovgrad Gold Project
11/24/2011(Krumovgrad)Bulgarian Government Approves EIA for DPM's Krumovgrad Gold ...
2/23/2011(Chelopech)DPM Reports Fourth Quarter 2010 and Year-End Results and Upd...
Corporate news of Dundee Precious Metals Inc
7/28/2016Dundee Precious Metals Announces 2016 Second Quarter Results
7/25/2016Dundee Precious Metals Announces Power Blackout in Namibia R...
7/11/2016DPM Announces Closing of C$54.65 Million Bought Deal Financi...
7/7/2016Dundee Precious Metals Announces Second Quarter Production R...
6/20/2016DPM Announces C$50 Million Bought Deal Financing
12/21/2015Dundee Precious Metals Announces 15% Increase to Measured an...
12/21/2015AVALA RESOURCES STARTS DRILLING ON THE LENOVAC PROJECT
11/30/2015AVALA RESOURCES ANNOUNCES EARN-IN AND JOINT VENTURE AGREEMEN...
11/19/2015Dundee Precious Metals Announces Approval of Main Detailed D...
11/5/2015Dundee Precious Metals Announces 2015 Third Quarter Results
11/4/2015Dundee Precious Metals Announces Changes to Board of Directo...
10/8/2015Dundee Precious Metals Announces Third Quarter Production Re...
9/15/2015Dundee Precious Metals Announces Maintenance of the Tsumeb S...
7/30/2015Dundee Precious Metals Announces 2015 Second Quarter Results
7/9/2015Dundee Precious Metals Announces Second Quarter Production R...
4/14/2015Dundee Precious Metals Announces First Quarter Production Re...
4/14/2015Announces First Quarter Production Results and Provides Noti...
3/31/2015Dundee Precious Metals Announces Reserve and Resource Update...
3/31/2015Announces Reserve and Resource Update for 2015
3/18/2015Dundee Precious Metals Announces Commencement of Annual Tsum...
3/18/2015Announces Commencement of Annual Tsumeb Smelter Shutdown
2/26/2015AVALA RESOURCES PROVIDES AN EXPLORATION UPDATE
2/18/2015Tags to Riches: Mining Company Tracks Production With Sensor...
2/13/2015Dundee Precious Metals Announces 2014 Fourth Quarter and Ann...
2/13/2015Dundee Precious Metals Announces 2014 Fourth Quarter and Ann...
1/22/2015NOTICE: Dundee Precious Metals 2014 Fourth Quarter and Year ...
1/14/2015(Chelopech)Announces Record Fourth Quarter Production at Chelopech and ...
1/14/2015Dundee Precious Metals Announces Record Fourth Quarter Produ...
11/6/2014Dundee Precious Metals Announces 2014 Third Quarter Results
11/5/2014Dundee Precious Metals Announces 2014 Third Quarter Results
10/16/2014NOTICE: Dundee Precious Metals 2014 Third Quarter Results
10/16/2014NOTICE: Dundee Precious Metals 2014 Third Quarter Results
10/8/2014Dundee Precious Metals Announces a Favourable Preliminary Ec...
10/8/2014Dundee Precious Metals Provides Third Quarter 2014 Productio...
10/3/2014Dundee Precious Metals Acquires Shares and Warrants of Avala...
7/30/2014Dundee Precious Metals Announces 2014 Second Quarter Results
7/14/2014NOTICE: DPM 2014 Second Quarter Results
7/10/2014Dundee Precious Metals Announces Krumovgrad Municipal Counci...
7/10/2014Dundee Precious Metals Announces Krumovgrad Municipal Counci...
6/26/2014Dundee Precious Metals Increases Revolving Credit Facility b...
5/20/2014Dundee Precious Metals Strengthens Senior Management Team
8/29/2013Announces First Underground Mineral Resource Estimate for th...
7/24/2012Reports on Progress of Acid Plant at Smelter in Namibia
4/30/2012Receives First Contact from Namibian Government on Tsumeb Sm...
4/23/2012DPM Exercises Warrants of Dunav Resources Ltd.
2/16/2012DPM Announces 2011 Deno Gold Open Pit Project and Undergroun...
1/26/2012(Krumovgrad)Bulgarian Court Dismisses Appeal of DPM's Krumovgrad Mining ...
11/30/2011(Krumovgrad)DPM: New Krumovgrad Feasibility Study Confirms Low Cash Cost...
9/15/2011Improves Safety and Operational Efficiency With AeroScout Re...
9/2/2011Dunav Resources and Dundee Precious Metals Complete Transact...
8/23/2011DPM to Acquire Shares and Warrants of Dunav Resources Ltd. o...
5/10/2011(Chelopech)DPM and Chelopech Mining Raise Final US$14.5 Million of Chel...
3/23/2011DPM Exercises Warrants of Avala Resources Ltd.
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (DPM.TO)
7.96-2.09%
TORONTO
CA$ 7.96
09/16 16:15 -0.170
-2.09%
Prev close Open
8.13 7.88
Low High
7.77 8.01
Year l/h YTD var.
7.19 -  9.82 -13.01%
52 week l/h 52 week var.
7.19 -  10.60 -16.56%
Volume 1 month var.
355,457 3.51%
24hGold TrendPower© : -11
Produces Copper - Gold - Silver - Zinc
Develops Copper - Gold - Silver
Explores for Molybdenum
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2021-13.01%9.957.22
202058.30%9.9610.03
201963.74%6.663.44
201817.67%3.782.56
201733.33%3.702.13
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.26-3.54%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.61+1.16%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.05+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.16-1.69%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 1.65-2.37%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.86-3.02%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.14-4.64%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.51-3.77%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.20-2.38%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.88-3.68%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 30.41+0.26%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :