Sprott Asset Management To Increase Its Dynasty Stake To 12.3% With $6,000,000 Private Placement
May 29th, 2007
Vancouver, BC, May 29, 2007 - Dynasty Metals & Mining Inc. (TSXV: DMM, the “Company”) reports that Sprott Asset Management (“Sprott”) has agreed to purchase, 1,000,000 common shares of the Company, at a price of $6.00 per share, for total proceeds of $6,000,000.
Upon completion of the placement, which is subject to final documentation and approval of the TSX Venture Exchange, Sprott will own 3,408,300 common shares of the Company - approximately 12.3% of the Company’s issued shares.
Company President, Robert Washer, commented: “We are very pleased with the continuing support shown by Sprott as we move ahead aggressively in Ecuador. The proceeds of this financing will be applied to development and construction at our planned Zaruma gold mine.”
Canaccord Capital Corporation acted as a finder to the Company in respect of this transaction and will receive a fee of 2% payable in common shares of the Company.
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 gold projects, Jerusalem and Zaruma, and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield and Copper Duke. The Company recently announced its intention to finance the development of Copper Duke through a new 60% owned publicly-traded subsidiary.
For further information about the Company, please contact Murray Oliver at (604) 687-0888 or email@example.com or visit the Company’s website at www.dynastymining.com.
Dynasty Metals & Mining Inc.
Robert Washer, President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.