New Dimension Resources Ltd.

New Dimension Resources Ltd.

May 12, 2008 09:00 ET

New Dimension Resources Announces $1,400,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2008) - New Dimension Resources Ltd. ("New Dimension") (TSX VENTURE:NDR), has arranged a non-brokered private placement of 1,750,000 flow-through common shares (the "Flow-Through Shares") of New Dimension at a price of $0.20 per Flow-Through Share and 7,000,000 units (the "Units") at a price of $0.15 per Unit for total gross proceeds to New Dimension of $1,400,000. Each Unit consists of one common share of New Dimension plus one half of one transferable common share purchase warrant with each whole purchase warrant exercisable into a common share at a price of $0.25 for a period of 24 months from closing. Each warrant will be subjected to an accelerated exercise provision if the share price of New Dimension trades at or above $0.75 for 10 or more consecutive trading days.

New Dimension shall pay a finders' fee in respect of purchasers of securities introduced to the Company by the Finder. The finders' fee will comprise 7% of the aggregate amount paid by purchasers, to be paid 3.5% cash and 3.5% in Units of the Company having the same terms as the Offered Units. The Finder may also receive broker warrants (the "Broker Warrants") equal to 7% of the Units issued pursuant to this Offering. The Broker Warrants will be exercisable into common shares at a price of $0.25 per Broker Warrant for a period of 24 months from closing.

Net proceeds of this private placement will be used for drill programs at the Company's Domain Project in Canada and Reese River Projects in Nevada, to fund other existing exploration programs in Nevada and Peru, for new acquisitions and for general working capital.

The private placement is subject to, among other things, receipt by New Dimension of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

New Dimension continues to explore its projects in Canada, Nevada and Peru while pursuing other attractive exploration opportunities in the Americas.



Fred G. Hewett, P.Eng., President & CEO

This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See the Company's Sedar filings for a more detailed discussion of factors that may impact expected results.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • New Dimension Resources Ltd.
    Fred Hewett
    President & CEO
    (604) 687-7545 or 1-888-338-2200
    New Dimension Resources Ltd.
    Chris Curran
    (604) 687-7545 or 1-888-338-2200
    (604) 689-5041 (FAX)