Press Release Source: Dhanoa Minerals Ltd.
Dhanoa Minerals Announces Expansion Plans to Acquire Adjoining Gold Producing Properties
Tuesday June 26, 5:11 am ET
Recent Financing Eliminates the Necessity for Dual Listing on the Toronto Exchange, and Issuance of Stock Dividends to Shareholders
TORONTO--(BUSINESS WIRE)--Lee Balak, President and CEO of Dhanoa Minerals, Ltd. (OTCBB:DHNA - News; FWB:D7Z), announced that as a result of the company's latest round of equity financing of US$ 2.5 Million it will no longer be seeking a listing on the Toronto Stock Exchange.
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"The financing has made it possible to finalize the acquisition of the Spanish Plant, and to move into an expansion program without the necessity of applying for a listing on the TSX which we considered in order to raise additional working capital through a secondary offering," said Mr. Balak, President of Dhanoa Minerals.
He continued, "Our cash needs have been temporarily resolved, so much so, that we are now in the process of acquiring adjoining properties in the Bella Rica region of southern Ecuador. Many of the richest veins on our property continue onto adjacent properties that have not been mined yet, which gives us a good opportunity to expand into areas with already proven reserves.
"We plan further growth by acquisition of adjacent properties, with proven reserves, which we will acquire through a combination of cash and stock. The primary reason the company decided to postpone any issuance of stock dividends to shareholders is to use its share as capital for acquisitions. The more shares issued, the greater the dilution, and consequently, the more shares will be required to acquire properties."
About Dhanoa Minerals Ltd.
'Dhanoa' is a production stage company formed to acquire, explore, and develop natural resource properties. Activities include further development of the Company's business plan and raising capital. The Company has recently initiated a new program to evaluate undervalued assets for potential addition to its mineral claim portfolio.
Forward Looking Statements
Statements contained in this news release, not facts, are forward looking statements that involve risks and uncertainties. Actual results may differ materially from any forward looking statements due to risk factors which include, no operating history, no earnings, reliance on the Company's management, the ability to implement the Company's business plan, the ability to fund the Company's business strategy, competition and general economic conditions.
Contact:
Dhanoa Minerals Ltd.
Corporate Head Quarters
Lee Balak, 416-838-4348 or 416-742-6579
www.dhanoaminerals.com
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Source: Dhanoa Minerals Ltd.