Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
AnglaisFrancais
Cours Or & Argent en
Duluth Metals Announces Dividend of Special Warrants of Duluth Exploration Limited to its Shareholders
Published : July 28, 2011
( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter
Mots clés associés :   Canada | Copper | Nickel | Palladium |

TORONTO, July 28, 2011 /CNW/ - Duluth Metals Limited ("Duluth Metals" or the "Company") (TSX: DM) today announced that it proposes to distribute to its shareholders of record as of August 23, 2011 ("Shareholders of Record") a dividend consisting of special warrants ("Special Warrants") automatically convertible to common shares of Duluth Exploration Limited, a wholly owned Canadian subsidiary of the Company ("DEL").

The Company will acquire the Special Warrants through a private placement transaction with DEL whereby the Company will subscribe for 8,500,000 units in the capital of DEL (each a "DEL Unit") at a price of $0.50 (Canadian) per DEL Unit for gross subscription proceeds of $4,250,000. Each DEL Unit will consist of one common share in the capital of DEL and one Special Warrant. The Company proposes to dividend these Special Warrants to the Duluth Shareholders of Record as a means of creating shareholder value and to allow its shareholders to participate in a new spin-off entity of the Company which will, through a wholly owned subsidiary of DEL, pursue exploration and development activity on certain mineral exploration properties of the Company located in the State of Minnesota (the "DMC Properties").  The DMC Properties are currently held by DMC (USA) LLC ("DMC"), an indirect wholly owned subsidiary of Duluth Metals, and described in more detail below.

Under the terms of the proposed distribution plan, Duluth Metals Shareholders of Record will receive a dividend-in-kind of one Special Warrant for every 15 common shares of Duluth Metals held as of the close of business on August 23, 2011. The Special Warrants will not be transferable and it is not expected that there will be a public market for the Special Warrants.  Each Special Warrant will be automatically convertible to one common share of DEL with no further consideration required on the part of the holder upon the occurrence of a liquidity event (the "Liquidity Event") on or before January 18, 2013 (the "Liquidity Event Deadline"), which Liquidity Event shall consist of the occurrence of both:

  (a)  the completion of a National Instrument 43-101 ("NI 43-101") compliant Technical Report prepared by an independent Qualified Person (as such term is defined in NI 43-101) in respect of the DMC Properties; and
     
  (b)  any one of the following:
       
    (i)  a significant financing of not less than $16,000,000 and the listing of DEL's common shares on a Canadian, UK or US stock exchange;
       
    (ii)  a "reverse take-over" with a company listed on a Canadian, UK or US stock exchange; or
       
    (iii)  satisfaction of all of the following conditions: (i) the filing and obtaining of a receipt for a final prospectus by DEL which prospectus shall qualify the distribution of DEL's common shares issuable pursuant to the prospectus; (ii) the filing of an application for and obtaining of a conditional listing or quotation of the DEL common shares on a Canadian, UK or US stock exchange; and (iii) satisfaction of the conditions of such conditional listing or quotation,
    in each case, with the common shares of DEL issuable upon the automatic conversion of the Special Warrants being freely tradeable.

Failure to complete the Liquidity Event by the Liquidity Event Deadline will result in the cancellation of the Special Warrants and DEL will continue to be a wholly owned subsidiary of Duluth Metals.

DEL holds 100% of the common stock of Duluth Exploration (USA) Inc. ("Duluth USA"), which is a Delaware company that will enter into an earn-in agreement (the "Earn-In Agreement") with DMC.  Pursuant to the terms of the Earn-In Agreement, Duluth USA will contribute or spend an aggregate of up to US$20,000,000 towards exploration and development programs of DMC over a period of two years. Duluth USA will initially contribute or spend US$4,000,000 towards DMC's initial exploration program and will earn a 20% interest in the capital of DMC for such contribution or expenditure. Thereafter, Duluth USA can make further contributions of up to US$16,000,000 to earn additional interests, to a maximum 80% interest, in the capital of DMC. Duluth USA is expected to fund its contributions or expenditures under the Earn-In Agreement with DMC through a combination of debt and equity.  Duluth Metals will put in place a line of credit between Duluth Metals and DEL to ensure continuity of the exploration program between DEL's initial US$4,000,000 contribution and completion of the Liquidity Event.  It is a condition to the completion of a Liquidity Event and the conversion of the Special Warrants into DEL common shares that DEL enter into an agreement with Twin Metals Minnesota LLC and Antofagasta plc pursuant to which (i) a disposition of any of the DMC Properties will continue to be subject to a right of first refusal that currently exists in favour of Antofagasta plc, and (ii) an acquisition of additional properties within an area of interest will be subject to a right of first refusal in favour of Twin Metals Minnesota LLC.

About the DMC Properties

DMC holds approximately 37,000 acres of grassroots exploration interests in the Duluth Complex. These properties were acquired on the basis of Duluth Metals' expertise on the mineral potential of mafic intrusions in general and the Duluth Complex in particular.  The lands fall into two categories: (i) certain interests in State and private lands that DMC controls under long term leases with the right to explore, and (ii) certain interests in Federal lands under application with the Bureau of Land Management for prospecting permits. Currently the Company is actively conducting exploration on approximately 10,000 acres of its State and private exploration interests. An extensive airborne electromagnetic geophysical survey has been completed as well as detailed interpretation of the geophysical data.  Drilling is scheduled to start this month on selected State and Private exploration lands. Exploration will concentrate on three styles of mineralization within the Duluth Complex, including Nokomis-style copper-nickel-platinum group metal-rich disseminated sulphides, magma conduit-hosted-nickel-rich massive sulphides, and platinum-palladium reef style targets. DMC is a wholly owned subsidiary of Duluth Metals (Canada) ULC which in turn is a wholly owned subsidiary of the Company.

The foregoing transaction is subject to market conditions and the approval of the Toronto Stock Exchange and other required regulatory and stock exchange approvals.

About the Companies

Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with Antofagasta plc on the Twin Metals Project (formerly the Nokomis Project), located within the emerging Duluth Complex mining camp in north-eastern Minnesota. The Duluth Complex hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs, including the world's third largest accumulation of nickel sulphides, and one of the world's largest accumulations of polymetallic copper and platinum group metals. Aside from the joint venture, Duluth Metals currently owns, through its 100% ownership of DMC, a 100% position on approximately 37,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Project.

Duluth Exploration Limited will, through its shareholdings in Duluth Exploration (USA) Inc., be a company focused on exploration and development of those properties held by DMC (USA) LLC in the Duluth Complex.

DMC (USA) LLC is a company committed to the exploration and development of certain properties located in the Duluth Complex. DMC (USA) LLC is a wholly owned subsidiary of Duluth Metals (Canada) ULC, which in turn is a wholly owned subsidiary of Duluth Metals Limited.

This press release contains forward-looking statements (including statements which may constitute "forward looking information" within the meaning of applicable Canadian securities laws) relating to Duluth Metals's operations, the environment in which it operates, its mineral properties and the transactions described in this press release. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Duluth Metals's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including market conditions, the failure to receive the approval of the Toronto Stock Exchange, or other required regulatory and stock exchange approvals, for the transactions described in this press release and other factors set forth in other public filings of Duluth Metals. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Duluth Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

 

For further information:
Mara Strazdins
Director of Corporate Communications
Telephone: (416) 369-1500 ext. 222
Email: mstrazdins@duluthmetals.com
      Vern Baker
President
Telephone: (651) 389-9990
Email: vbaker@duluthmetals.com

Webpage:  www.duluthmetals.com

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Duluth Metals Limited Inc.

EN DÉVELOPPEMENT
CODE : DM.TO
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez la cie

Duluth Metals est une société d’exploration minière de nickel et de palladium basée au Canada.

Duluth Metals est en développement de projets de nickel, de palladium, de cobalt, de cuivre, d'or, de platine et de plomb en USA, et détient divers projets d'exploration au Canada.

Son principal projet en développement est BIRCH LAKE en USA et son principal projet en exploration est NOKOMIS au Canada.

Duluth Metals est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 63,1 millions CA$ (50,9 millions US$, 44,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,07 CA$, et son plus bas niveau récent le 31 octobre 2014 à 0,06 CA$.

Duluth Metals possède 141 880 000 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Dans les médias de Duluth Metals Limited Inc.
05/07/2008Duluth Complex: A World-Class Value Play
Rapports annuels de Duluth Metals Limited Inc.
Annual Report 2007
Financements de Duluth Metals Limited Inc.
21/10/2014Extends Private Placement Closing Date
18/03/2014Completes First Tranche of Private Placement
10/03/2014Announces Private Placement Offering
01/04/2013Announces CDN $30 Million Convertible Debenture Financing
27/05/2011ANNOUNCES NORMAL COURSE ISSUER BID AND SECURITIES REPURCHASE...
27/08/2008Announces Extension Of Exercise Period For Class A Warrants ...
Nominations de Duluth Metals Limited Inc.
17/05/2011Appoints Lieutenant General John Sattler (USMC Ret.) and Mr....
16/09/2008Appoints Dean M. Peterson, Ph.D. as Senior Vice-President, E...
07/08/2008Appoints Thomas F. Pugsley To Board
Projets de Duluth Metals Limited Inc.
07/01/2014(Minnesota Project)Provides Twin Metals Minnesota Project Pre-feasibility Updat...
18/07/2013(Minnesota Project)Provides Metallurgical Update on Twin Metals Minnesota Proje...
22/05/2013(Minnesota Project)Highlights 70 feet of 0.83% Copper, 0.28% Nickel and 0.876 g...
16/04/2013(Minnesota Project)Highlights 110 feet of 0.94% Copper, 0.31% Nickel and 1.17 g...
12/02/2013Announces that Twin Metals Minnesota has Appointed Kelly J. ...
05/02/2013Identifies Two New Mineralized Areas on Exploration Lands
21/01/2013Announces SEDAR filing of AMEC Technical Report on the Twin ...
09/11/2012(Minnesota Project)Highlights 136 feet of 0.945% Copper, 0.256% Nickel and 0.63...
11/10/2012(Minnesota Project)Highlights 155 feet of 1.371% Copper, 0.281% Nickel and 0.86...
10/10/2012Announces Second Drill Rig Mobilized On The East Shore Prope...
24/09/2012Announces Commencement Of Drilling At Nickel Lake Macrodike
21/09/2012Confirms Receipt Of Prospecting Permits From Bureau Of Land ...
17/09/2012Set To Drill Significant Exploration Properties Outside Of J...
30/05/2012(Minnesota Project)Highlights 209 feet of 2.01% Copper Equivalent at west Matur...
21/09/2011Announces Twin Metals Minnesota Contract with Bechtel for Pr...
07/07/2011(Nokomis)Announces 120 feet of 2.19g/t Total Precious Metals 350 Metr...
05/05/2011Announces $8 Million Drilling and Work Program for Explorati...
28/04/2011Announces Aggressive 2011 Program for Twin Metals Project af...
29/03/2011(Nokomis)Announces Higher Grade Intercepts With New Twin Metals Drill...
21/07/2010(Nokomis)Signs Definitive Participation Agreement With Antofagasta Pl...
23/06/2010(Nokomis)Returns 2.2% Copper Equivalent Over 75 Feet
17/05/2010(Nokomis)Hits 2.6% Copper Equivalent Over 125 Feet at Nokomis
22/04/2010(Nokomis)Expands Higher Grade Area
22/03/2010(Nokomis)Higher Grade Assays In First Hole From Winter Drilling Progr...
04/03/2010(Nokomis)Ramps up Winter Exploration
28/01/2010(Nokomis)Set To Explore Significant Properties Outside Of Nokomis Joi...
11/12/2009Receives NI 43-101 Report and Updated Resource Estimate for ...
26/10/2009(Nokomis)Expands Nokomis Resource to 550 Million Indicated Tonnes and...
12/01/2009(Nokomis)43-101 Preliminary Assessment Report Confirming Positive Eco...
04/12/2008(Nokomis)continues to receive wide significant mineralized intersecti...
25/11/2008New Ni 43-101 Preliminary Economic Assessment Confirms Highe...
22/07/2008(Nokomis)Receives Ni 43-101 Report On Interim Nokomis Deposit Resourc...
02/04/2008(Nokomis)Cuts New High Grade Zone Below Nokomis Deposit
11/03/2008Expands Strategic Land Position by Over 350 Percent
14/02/2008(Nokomis)Continued Drilling Expands Nokomis Deposit
Communiqués de Presse de Duluth Metals Limited Inc.
16/12/2014commences mailout of management information circular for arr...
03/12/2014Granted Interim Order For Arrangement
10/11/2014completes initial tranche of private placement with Antofaga...
03/10/2014(Minnesota Project)Files NI 43-101 Pre-feasibility Study Technical Report on th...
02/06/2014Annual General Meeting to be Held at 10:00 AM EDT June 9th a...
26/02/2014Announces Increased Tonnage, Metal Content and an Upgraded M...
04/09/2013Announces High Grade Nickel Intercepts Indicative of New Con...
06/08/2013Announces Discovery Immediately Southeast of Teck's Mesaba P...
18/06/2013Announces 2013 Annual Shareholders' Meeting Voting Results
07/06/2013Annual General Meeting to be Held at 10:00 AM EDT June 13th ...
10/04/2013Announces Closing of CDN $30 Million Convertible Debenture F...
16/10/2012Announces Mobilization of a Third Drill Rig on Exploration ...
01/10/2012announces closing of US$10 million loan financing with A...
13/06/2012Announces New AMEC NI 43-101 Technical Report Confirming Sig...
14/05/2012(Minnesota Project)Highlights 116.5 feet of 1.32 g/t Total Precious Metals and ...
23/04/2012Announces 30 feet of 2.11 g/t Total Precious Metals and 94 f...
21/03/2012Announces Twin Metals Frame-of-Reference for Bechtel Led Pre...
17/01/2012Announces 40 feet of 2.67 g/t Total Precious Metals on Lates...
31/08/2011Completes Transfer of Franconia Minerals Assets into Twin ...
18/08/2011Information Bulletin Re Dividend of Special Warrants to its ...
02/08/2011Commences Drilling Program on Platinum Targets on the Land ...
28/07/2011Announces Dividend of Special Warrants of Duluth Exploration...
09/06/2011Announces 34.5 feet at 2.82% CuEq from Twin Metals New Drill...
07/06/2011Annual and Special Meeting to be Held June 15th at One King ...
03/03/2011Franconia Minerals Shareholders Approve Arrangement with Dul...
09/08/2010Last Week's Events
08/06/2010Annual And Special Meeting To Be Held At The Toronto Board O...
18/11/2009Nominated for Mining Journal's Exploration Award
30/10/2009Confirms 12 Million Indicated Ounces And 6 Million Inferred ...
18/08/2009Hole Hits Mineralization 900 Meters Southwest Of Defined Bou...
16/06/2009expands exploration land holdings in the Duluth Complex
10/09/2008Progress Report On The Nokomis Deposit
14/08/2008Continues Infill Drilling On The Nokomis Deposit
21/05/2008Announces Early Warrant Exercise
25/03/2008 Presents At John Tumazos Very Independent Research, Llc Met...
04/03/2008 Hits Higher Grade Mineralization In Eastern Area
19/02/2008options key infrastructure land parcel
05/09/2007new drill results confirm increased mineralization to Nokomi...
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
TORONTO (DM.TO)FRANKFURT (AZK.F)
0,445+0.00%7,75-2.95%
TORONTO
CA$ 0,445
22/01 15:52 -
0%
Cours préc. Ouverture
0,445 0,445
Bas haut
0,445 0,445
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  0,445 -%
Volume var. 1 mois
8 558 -%
24hGold TrendPower© : -9
Produit
Développe Cobalt - Copper - Nickel - Palladium - Platinum
Recherche Cobalt - Copper - Gold - Nickel - Palladium - Platinum
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Dernière mise à jour le : 05/11/2010
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
8,15 AU$-0,97%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
3,37 AU$+3,37%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,84 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
0,61 US$+22,07%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,70 GBX+0,00%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,02 CA$-20,00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
3,30 CA$+3,12%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
11,05 CA$+3,76%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,28 CA$-5,08%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,28 AU$-1,79%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
2,55 CA$+0,00%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
75,80 US$+2,78%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,04 AU$+14,29%Trend Power :