Deal funds winter 2013 drill program on the Timmins South Property
By Devika Patel
Knoxville, Tenn., Dec. 7 - Debut Diamonds Inc. announced it will raise C$1.42 million in a non-brokered private placement of units.
The company will sell 7 million units of one common share and one warrant at C$0.065 per unit and 12 million flow-through units of one flow-through common share and one half-share warrant at C$0.08 per unit.
Each unit warrant will be exercisable at C$0.13 for two years. Each whole flow-through unit warrant will be exercisable at C$0.16 for two years. The strike prices are 160% and 220% premiums, respectively, to the Dec. 6 closing share price of C$0.05.
Proceeds will be used for a portion of a 2,000 meter winter 2013 drill program on the company's Timmins South Property and general working capital purposes.
The diamond mining company is based in Toronto.
| Issuer: | Debut Diamonds Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,415,000
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 7
|
| Stock symbol: | CNSX: DDI
|
| Stock price: | C$0.05 at close Dec. 6
|
|
|
| Units
|
| Amount: | C$455,000
|
| Units: | 7 million
|
| Price: | C$0.065
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.13
|
|
|
| Flow-through units
|
| Amount: | C$960,000
|
| Units: | 12 million
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.16
|
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