Dumont closes first tranche, raises $122,000

2009-02-02 05:39 ET - News Release

Mr. Shahe Sabag reports

DUMONT COMPLETES ADDITIONAL INTERIM FINANCING FOR ALBERTA POLYMETALLIC BLACK SHALE PROJECTS

Dumont Nickel Inc. has completed the first tranche of a non-brokered private placement of non-flow-through shares, with arm's-length and non-arm's-length parties, for total proceeds of $122,000, pursuant to terms announced in Stockwatch on Dec. 30, 2008. The securities issued under the private placements are subject to a four-month hold period expiring on June 1, 2009.

The financing consisted of placement of 12.2 million units at a price of one cent per unit, each unit consisting of one common share and one common share purchase warrant entitling the holder to purchase an additional common share of the company at a price of five cents for a period of 12 months from closing. Insiders of Dumont participated in the placements to a total of $22,000.

Proceeds of the financing will be applied toward continuing work on Dumont's polymetallic shale properties in Alberta, and toward meeting short-term operating working capital requirements.

HG