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Base metals and diamonds in the NWT, Canada
Message: Darnley Bay Resources Announces Private Placement Financing
| May 6, 2009 |
| Darnley Bay Resources Announces Private Placement Financing |
| TORONTO, ONTARIO--(Marketwire - May 6, 2009) - Darnley Bay Resources Limited (the "Company") (TSX VENTURE:DBL) announces that it has accepted subscriptions for a non-brokered private placement of 1,350,000 units @ $0.10 per unit for a total of $135,000 and 583,333 Flow-Through (FT) units @ $0.12 per unit for a total of $69,999.96. Each unit consists of one common share (CS) and one CS purchase warrant exercisable for four years from the closing date at an exercise price of $0.20/share. The proceeds will be used for exploration and working capital. Each FT unit consists of one FT share and one FT share purchase warrant exercisable for four years from the closing date at an exercise price of $0.24/share. The FT proceeds must be used to incur Canadian Exploration Expenses (as defined in the Income Tax Act) on the Company's metals and diamond properties near Paulatuk NT. Once this subscription is closed, the Company will be in the position to commence exploration on its two prospecting permits south of Paulatuk NT. Consequently, it has commenced the environmental permitting process necessary for geological/geophysical surveys and drilling. The transactions are subject to certain conditions, including regulatory approval. About Darnley Bay Resources Limited: The Company was formed in 1993 to explore and develop an area of geophysical significance in the Northwest Territories of Canada. Initial base metal exploration fortuitously resulted in the discovery of diamonds, indicating that the area is host to both metallic and non-metallic mineral deposit interests. The Company's objectives are to secure and maintain successful financing partnerships to continue exploration for base metals, gold and diamonds that will result in the development of a profitable mining venture. |
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