Dahava Resources Ltd.

January 08, 2007 16:44 ET

Dahava Resources Ltd. Announces Closing of $860,684 Private Placement

CALGARY, ALBERTA--(CCNMatthews - Jan. 8, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES

Dahava Resources Ltd. ("Dahava") announced that it has concluded a first closing of a non-brokered private placement of an aggregate of 1,721,368 units of Dahava ("Units") to arm's length purchasers resident in Europe, at a price of $0.50 per Unit for gross proceeds of $860,684. Each Unit consisted of five common shares of Dahava ("Common Shares") and one non-transferable share purchase warrant ("Warrant") entitling the holder to acquire one additional Common Share at a price equal to the average of the closing prices of the Common Shares for the 60 trading days immediately following the listing of the Common Shares (subject to adjustment upon the occurrence of certain events), exercisable at any time and from time to time following 4 months after the date of issuance of the Warrants and expiring 24 months from the date of issuance of the Warrants.

In connection with the sale of the Units, Dahava paid a finder's fee to PhoenixS Ltd. (which is at arm's length to Dahava) of London, UK consisting of: (a) $43,034 cash; (b) the issuance of 344,273 Common Shares at a deemed price of $0.10 per Common Share; and (c) warrants to acquire up to 309,846 Common Shares on the same terms as the Warrants.

Contact Information

  • Dahava Resources Ltd.
    Eitan Dehtiar
    Chief Financial Officer
    (867) 766-3449