Dakar Resource Corp.
TSX VENTURE : DKR

May 31, 2012 09:30 ET

Dakar Resource Corp. Announces Closing of Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2012) - Dakar Resource Corp. (TSX VENTURE:DKR) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Dakar Resource Corp. (the "Corporation" or "Dakar") is pleased to announce that it has successfully completed its initial public offering (the "Offering") of 3,000,000 common shares (the "Common Shares") at a price of $0.25 per Common Share for gross proceeds of $750,000 through Haywood Securities Inc. ("Haywood"), as agent.

In connection with the Offering, the Corporation granted non-transferrable warrants to Haywood to acquire an aggregate of 240,000 Common Shares (the "Agent's Warrants") at an exercise price of $0.25 per Common Share. The Agent's Warrants will expire 36 months from the date the Common Shares are listed on the TSX Venture Exchange (the "Exchange"). Haywood also received a cash commission equal to 8% of the gross proceeds of the Offering.

The Corporation has also granted options to acquire an aggregate of 450,000 Common Shares at an exercise price of $0.25 per option to three independent directors of the Corporation. The options expire five years from the date of grant.

The Corporation's Common Shares have been listed for trading on tier two of the Exchange as a mining issuer and will commence trading under the symbol "DKR" at the opening of the market on May 31, 2012.

An aggregate of 15,225,000 Common Shares are issued and outstanding following completion of the Offering.

ON BEHALF OF THE BOARD

Allen Wilson, C.E.O. and Director

This news release contains statements about the Corporation's expectations regarding the commencement of trading on the Exchange that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the Exchange. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to fulfill conditions of listings and inability to obtain required regulatory approvals. The forward-looking statements contained in this news release are made as of the date hereof, and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

This news release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of Dakar Resource Corp. The securities of Dakar Resource Corp. have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Dakar Resource Corp.
    Allen Wilson
    C.E.O. and Director
    (604) 240-4349
    (604) 681-4760 (FAX)