Bold Ventures gets $2.5M deal with Dundee Resources

TORONTO - Bold Ventures Inc. (TSXV:BOL) has struck an agreement in which Dundee Resources Limited will invest $1 million in the junior miner and plans to fund $2.5 million of exploration on Bold's Ring of Fire claims in Northern Ontario.

Bold shares were halted on the TSX Venture Exchange pending the news.

Besides the exploration commitment from Dundee Resources, Bold announced a brokered private placement of nearly 8.9 million units to raise up to $2 million. Dundee will acquire half the placement, for $1 million, and will own nearly 14.4 per cent of the miner.

The financing is slated to close April 29.

"This agreement has allowed us to go forward with a strong well funded program while limiting the dilution to our shareholders," said Richard Nemis, Bold's president and CEO.