TORONTO, ONTARIO--(Marketwire - March 1, 2011) - Duncan Park Holdings Corporation (News - Market indicators) announced today that it has issued an additional 476,190 units ("Units") pursuant to its previously announced private placement, bringing the total proceeds raised to $1,100,000.
Each Unit was issued at a price of $0.105 and was comprised of one "flow-through" common share and one-half of one non-flow-through common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable for one common share at a price of $0.15 per share for a period of 12 months.
Proceeds from the private placement will be used to finance exploration on the Company's Red Lake properties.
In connection with the additional issuance of Units, Duncan Park paid a cash finder's fee of $4,000 and issued 47,619 finder's options ("Finder's Options") to Jones, Gable & Company Limited. Each Finder's Option is exercisable for one non-flow-through unit (a "Finder's Unit") at a price of $0.105 per Finder's Unit for a period of 12 months. Each Finder's Unit is exercisable on the same terms as the Units, except that the common shares issuable thereunder shall be non-flow-through shares.
Duncan Park issued a total of 10,476,188 Units and 919,047 Finder's Options in connection with the private placement.
The securities issued or issuable pursuant to the private placement are subject to a four month hold period.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to Duncan Park's exploration plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Duncan Park to be materially different from those expressed or implied by such forward-looking information, including risks related to option and joint venture arrangements, as well as risks associated with the exploration, development and mining industry such as economic factors, future commodity prices, market conditions, changes in foreign exchange and interest rates, government regulation, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with exploration and development activities, availability of skilled labour and equipment, the speculative nature of gold exploration and development, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Duncan Park's management's discussion and analysis for the year ended August 31, 2010, available on www.sedar.com. Although Duncan Park has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Duncan Park does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.