TORONTO, ONTARIO--(Marketwire - March 5, 2012) - Duncan Park Holdings Corporation (TSX VENTURE:DPH)(OTCQX:DCNPF) announced today that it intends to undertake a non-brokered private placement of up to $500,000 of flow-through common shares at a price of $0.08 per share.
Proceeds from the proposed best efforts private placement will be used to finance exploration on the Company's Red Lake properties. The first two holes of the winter drilling program on the Dome property have been completed and the drilling rig has moved to the third hole, which is on the McManus property. The cost of the first two holes will result in the Company having completed the spending requirements of the Dome option agreement. The completion of the third hole and, weather permitting, fourth hole is expected to complete the exploration spending requirements of the McManus option agreement.
Completion of the financing remains subject to, among other things, receipt of all requisite regulatory and other approvals.
The Company may pay a 5% cash fee and issue 5% finders warrants to eligible finders with respect to certain subscriptions. The finders warrants would be exercisable for non-flow-through common shares for a 12-month period.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to Duncan Park's proposed private placement and exploration plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Duncan Park to be materially different from those expressed or implied by such forward-looking information, including risks related to private placement financings and exploration plans, such as market conditions and obtaining necessary financing and requisite approvals, risks related to option and joint venture arrangements, as well as risks associated with the exploration, development and mining industry such as economic factors, future commodity prices, changes in foreign exchange and interest rates, government regulation, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with exploration and development activities, availability of skilled labour and equipment, the speculative nature of gold exploration and development, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Duncan Park's management's discussion and analysis for the year ended November 30, 2011, available on www.sedar.com. Although Duncan Park has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Duncan Park does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.