Dalradian Resources Inc. (TSX:DNA) (AIM:DALR) announces that a total of 6,278,000 Dalradian’s common share purchase warrants originally issued on 9 February 2015 were exercised on 3 February 2017 at a price of C$1.15, resulting in proceeds of C$7,219,700.
In addition to this warrant exercise, the Company also announces:
Application has been made for 6,278,267 Common Shares further to the exercise of the Warrants and Stock Options, which will rank pari passu with the existing Common Shares in issue, to be admitted to trading on AIM and admission is expected to occur at 8:00am on or around 13 February 2017.
Following the February Warrant Admission and Option Admission, the Company will have in issue 249,629,043 Common Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
About Dalradian Resources Inc.
Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom.
In December 2016, Dalradian announced the results of a positive feasibility study (FS) for an underground mine at Curraghinalt producing an average of 130,000 ounces per year at all-in sustaining costs (AISC) of US$674 per ounce. At a gold price of US$1,250 per ounce, the after-tax net present value was US$301-million (at a 5-per-cent discount rate) with an after-tax internal rate of return of 24.4%. The FS identified proven and probable mineral reserves of 1.44 million ounces of gold (5.24 million tonnes at 8.54 grams per tonne gold), a subset of the measured and indicated resources of 2.10 million ounces of gold (5.61 million tonnes at 11.61 g/t gold). The FS excludes inferred resources of 2.31 million ounces of gold (7.13 million tonnes at 10.06 g/t gold) identified in the May 2016 Technical Report.
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