Donner Metals Ltd.: Private Placements Close

Thu. July 09, 2009; Posted: 06:36 PM

VANCOUVER, BRITISH COLUMBIA, Jul 9, 2009 (Marketwire via COMTEX) -- DONFF | Quote | Chart | News | PowerRating -- David Patterson, Chairman of Donner Metals Ltd. (TSX VENTURE:DON)(FRANKFURT:D4M), reports that the Company has closed an additional $1,982,395 under the recently announced non-brokered private placements. These are the final closings under these private placements. The $1,982,395 was raised by the Company issuing a total of 3,640,333 non flow-through ("NFT") Units, at a price of $0.15 per NFT Unit, where each NFT Unit is comprised of one common share and one share purchase warrant, exercisable into one common share at a price of $0.25 for two years; 2,230,000 flow-through ("FT") Units, at a price of $0.19 per FT Unit, where each FT Unit is comprised of one common share and one half of one share purchase warrant, where each whole warrant is exercisable into one common share at a price of $0.25 for two years; and 5,329,709 FT common shares, at a price of $0.19 per FT common share.

These portions of the private placements closed in stages, accordingly of the 11,200,042 shares issued, 2,439,631 are subject to a hold period expiring October 3, 2009, 23,333 are subject to a hold period expiring October 9, 2009, 2,680,441 are subject to a hold period expiring October 11, 2009, 1,150,000 are subject to a hold period expiring October 18, 2009, 810,000 are subject to a hold period expiring November 3, 2009, 1,550,000 are subject to a hold period expiring November 4, 2009, and 2,546,637 are subject to a hold period expiring November 10, 2009. Of the 4,755,333 warrants issued, 1,377,000 will expire June 2, 2011, 23,333 will expire June 8, 2011, 1,100,000 will expire June 17, 2011, 705,000 will expire July 2, 2011, and 1,550,000 will expire July 3, 2011. Any shares issued on exercise of the warrants will be subject to a four month hold period from the closing date of that portion of the private placement.

The Company has also paid or undertaken to pay finder fees of $152,512 and issued 753,526 finder warrants, of which 150,960 expire June 2, 2010, 214,435 expire June 11, 2010, 64,800 expire July 2, 2010, 119,600 expire July 3, 2010, and 203,731 expire July 9, 2010. The finder warrants are exercisable into one common share at a price of $0.25. Any shares issued on exercise of the finder warrants will be subject to a four month hold period from the closing date of that portion of the private placement.

In addition, $709,500 of outstanding Company debentures ($675,000 of principal and $34,500 of accrued interest) have been exchanged for 4,729,999 shares and 4,729,999 share purchase warrants, where each warrant is exercisable into one common share at a price of $0.25 until June 8, 2011. The 4,729,999 shares issued and any shares to be issued on exercise of the warrants are subject to a hold period expiring October 9, 2009.

ON BEHALF OF THE BOARD OF DONNER METALS LTD.

David Patterson, Chairman

SOURCE: Donner Metals Ltd.

Donner Metals Ltd.
David Patterson
Chairman
(604) 683-0564 or Toll Free: 1-800-909-8311
(604) 602-9311 (FAX)
donner@bed-rock.com
www.donnermetals.com

For full details for DON click here.

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