New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") is pleased to announce that it has closed its non-brokered private placement totaling 4,796,445 Units (the "Units") at a price of $0.09 per Unit for proceeds of $431,680.05. Each Unit is comprised of one common share and a one half warrant. Each warrant entitles the holder to acquire one additional common share of New Dimension at a price of $0.20 per share for a period of 24 months immediately following the closing date. The warrants are subjected to an accelerated exercise provision if the share price of New Dimension trades at or above $0.45 for 10 or more consecutive trading days.
Net proceeds of this private placement will be used to fund exploration on the Company's Savant Lake gold project (the "Property") and general working capital.
The Units are subject to a four-month hold period which expires on September 10, 2016.
About Savant Lake Gold Project
Savant Lake covers a classic iron formation hosted system of gold occurrences within a very prospective mineral district in northwestern Ontario. The Property, which has not been significantly explored since the early 1980's, hosts seven known gold occurrences that have yielded high grade gold values up to 138.9 g/t from surface prospecting. New Dimension was attracted to the Savant Lake gold project for its gold in iron formation characteristics that it believes are analogous to Goldcorp's neighbouring Musselwhite gold mine and Agnico Eagle's newly discovered Amaruq deposit in Nunavut. The Company can earn a 100% interest in the Savant Lake gold project by paying the vendors C$100,000 and issuing 600,000 shares of New Dimension over a four year period. The Property is subject to a 2% NSR, of which one percent (1%) can be purchased for C$1,000,000.
About New Dimension Resources Ltd.:
New Dimension is engaged in the acquisition, exploration and development of quality mineral resource properties throughout the Americas with a focus on potential bulk tonnage gold and silver deposits. The Company is currently focused on mineral projects in Canada with a priority directed toward the Savant Lake gold property. New Dimension also holds a 30% interest in a joint venture with Yamana Gold Inc. on the Domain Gold property in northern Manitoba as well as an option to earn a 70% interest in the Midas gold property, located in north central Ontario.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Fred Hewett the Company's President & CEO, a director and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward looking statements which are not historical facts, such as statements of belief of similarity of geological characteristics or features, statements of unverified drilling and sampling results and expectations of receipt of permits and plans for future work. Forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, unexpected geological factors, exploration results, results of verification work and unanticipated regulatory obstacles. See New Dimension's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.