|
DYNASTY METALS & MINING INC.
ANNOUNCES
$6,000,000 BOUGHT DEAL FINANCING
VANCOUVER, Oct. 21
/CNW/ - Dynasty Metals & Mining Inc. (TSX: DMM, the
"Corporation") announces that the Corporation has entered into an
agreement with a syndicate of underwriters led by Canaccord Capital
Corporation and including Cormark Securities Inc. (the
"Underwriters") to sell an aggregate of 1,500,000 common shares
at a price of $4.00 per common share for gross proceeds of $6,000,000 on a
bought deal private placement basis.
Closing of the offering is anticipated to occur on or before November 3,
2009 and is subject to receipt of applicable regulatory approvals including
approval of the Toronto Stock Exchange.
The proceeds of the financing will be used to fund development of the
Corporation's Ecuador properties as well as for general corporate purposes.
About Dynasty Metals &
Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company
involved in the exploration and development of mineral properties in
Ecuador.
The Company has the producing Zaruma Gold Project, the first large scale
modern mine and processing facility in Ecuador which was constructed on
budget in a country that lacks an infrastructure for large scale mining. In
addition, the Company has the advanced-stage Jerusalem Project, and a highly
prospective exploration project, the Dynasty Copper-Gold Belt, which
includes the Dynasty Goldfield.
Dynasty Metals & Mining Inc.
Robert Washer, President and CEO
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts
Please visit the Company's website at www.dynastymining.com or please contact: Dynasty Metals & Mining
Inc.
This
news release includes "forward-looking information", as such term
is defined in applicable securities laws. Users of forward-looking
information are cautioned that actual results may vary from forward-looking
information contained herein. The forward-looking information includes,
without limitation, plans to apply for additional mining permits, the
timing of commencement of mining operations and the future production
capacity at the Zaruma plant, the identification and construction of
declines, the potential size and grade of resources, the finalization of
mining regulations in Ecuador and the completion of an exploitation
contract with the Ecuadorian government, the sufficiency and availability
of cash, the proposed construction of a plant at the Jerusalem Project and
the commencement of production, the availability of an adequate power
source at the Zaruma plant, the timing and ability of the Company to mine
and deliver material to the Zaruma plant and other similar statements
concerning anticipated future events, conditions or results that are not
historical facts. In certain cases, forward-looking information was
developed using the material factors or assumptions stated herein. Such
factors and assumptions include, amongst others, the effects of general
economic conditions, the price of gold, changing foreign exchange rates and
actions by government authorities, uncertainties associated with legal
proceedings and negotiations and misjudgements in the course of preparing forward-looking
information. In addition, there are also known and unknown risk factors
which could cause the Company's actual results, performance or achievements
to differ materially from any future results, performance or achievements
expressed or implied by the forward-looking information. Known risk factors
include, among others, risks and uncertainties relating to exploration and
development; the ability of the Company to obtain additional financing; the
Company's limited operating history; uncertain mining legislation; the need
to comply with environmental and governmental regulations; political and
economic instability and general civil unrest in Ecuador; potential defects
in title to the Company's properties; fluctuations in currency exchange
rates; fluctuating prices of commodities; operating hazards and risks;
competition; and other risks and uncertainties, including those described
in the Company's Annual Information Form dated March 25, 2009 filed with
the Canadian Securities Administrators and available at www.sedar.com.
Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking information, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking information, or
the material factors or assumptions used to develop such forward looking
information, will prove to be accurate. Accordingly, readers should not
place undue reliance on forward-looking information. All statements are
made as of the date of this news release and the Company is under no
obligation to update or alter any forward-looking information except as
required by law.
|