Duluth Metals Announces It Will Not Proceed With DEL IPO; Shrs Rose 7% Thursday

By MidnightTrader.com Staff,

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Duluth Metals Limited (DM.TO), which rose 7% Thursday, has decided not to proceed with an IPO financing for its wholly-owned subsidiary Duluth Exploration Limited 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.

Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal ( PGM ) deposits.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: PGM

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