This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Duluth Metals Limited Announces Closing Of US$10 Million Loan Financing With Antofagasta Minerals S.A.

TORONTO, Oct. 1, 2012 /PRNewswire/ - Duluth Metals Limited ("Duluth Metals" or the "Company") (TSX: DM) (TSX: DM.U) is pleased to announce that it has closed a US$10,000,000 loan financing with Antofagasta Minerals S.A. (a subsidiary of Antofagasta plc) pursuant to the terms of a participation agreement (the "Participation Agreement") relating to the Twin Metals Minnesota LLC joint venture (the "Joint Venture").  The loan proceeds have been invested in the Joint Venture as the Company's share (35%) of a capital call and will ultimately be repayable in cash, the Company's shares or offset against the exercise price of the option (granted to Antofagasta plc) to acquire from the Company an additional 25% interest in the Joint Venture at an exercise price calculated on the basis of a formula as a pro rata share of the net asset value of the Joint Venture project determined by a full feasibility study.  Concurrently, Antofagasta has invested $18,600,000 into TMM as their share (65%) of the capital call.

We make reference to Duluth Metals' management's discussion and analysis ("MD&A") for its second quarter ended June 30, 2012 which further details the Participation Agreement, which MD&A is posted on Duluth Metals' website at www.duluthmetals.com and on Duluth Metals' SEDAR profile.

About Duluth Metals

Duluth Metals is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with Antofagasta plc on the Twin Metals Project, located within the rapidly emerging Duluth Complex mining camp in north eastern Minnesota.  The Duluth Complex hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs, including the world's third largest accumulation of nickel sulphides, and one of the world's largest accumulations of polymetallic copper and platinum group metals. Aside from the Joint Venture, Duluth Metals retains a 100% position on approximately 37,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Project.

SOURCE Duluth Metals Limited

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs