Vancouver, BC (PRWEB) March 12, 2008
Dynasty Metals & Mining Inc. (TSX: DMM, the "Company") reports the completion of its previously-announced non-brokered private placement of 2,500,000 common shares at $7.50 per share for gross proceeds of $18,750,000.
Subsequent to receiving the funds from the offering, the Company has approximately $31 million in cash to be used to complete planned mine development and mill construction at the Zaruma Gold Project, expand exploration and development work at Zaruma, expand the Company's plans at its other major projects and for general corporate purposes.
The shares issued in the financing are subject to resale restrictions until July 8, 2008.
The Company paid finder's fees in cash and shares equal to 4.5% in aggregate of the gross proceeds of this transaction.
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.
The Company has two advanced-stage projects, Zaruma, which is nearing production, and Jerusalem, as well as a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield, the Copper Duke Project and the Marianna Joint Venture among other prospects.
Dynasty Metals & Mining Inc.
Robert Washer, President and CEO