Duluth Metals Announces that it Will not Proceed with DEL IPO
TORONTO, March 21, 2013
TORONTO, March 21, 2013 /PRNewswire/ --
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced
that its Board of Directors has decided not to proceed with an IPO financing
for its wholly-owned subsidiary Duluth Exploration Limited ("DEL") in view of
current market and IPO conditions. As a result the DEL Special Warrants
distributed in August 2011 to the shareholders of Duluth Metals as a dividend
in kind will expire on July 31, 2013 and DEL will continue to be a
wholly-owned subsidiary of Duluth Metals. In addition, effective today the
Board has cancelled all Management and Director options related to DEL which
otherwise would have vested upon the liquidity event.
About Duluth Metals Limited
Duluth Metals Limited 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 40,000 acres of mineral
interests on exploration properties adjacent to or nearby the Twin Metals
Minnesota LLC joint venture.
SOURCE: Duluth Metals Limited
For further information:
Mara Strazdins Vice President Investor Relations and Corporate Communications
Telephone: (416) 369-1500 ext. 222 Email: firstname.lastname@example.org
Vern Baker President Telephone: (651) 389-9990 Email:
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