By Sheri Kasprzak
New York, Nov. 17 - Diadem Resources Ltd. closed a non-brokered private placement for C$1,621,002.
The company sold 4,767,654 flow-through units at C$0.34 each to MineralFields Group and two other investors.
The units consist of one share and one warrant with each warrant exercisable for a non flow-through share at C$0.45 for the first year and at C$0.60 for the second year.
Separately, another investor subscribed for 110,000 non flow-through common shares for proceeds of C$33,000 with no warrants attached.
Proceeds from the flow-through shares will be used for exploration on the company's Duquesne West gold project near Rouyn-Noranda, Quebec, and the Franklin diamond project in the Northwest Territories.
Toronto's Diadem is a diamond and gold exploration and production company.
| Issuer: | Diadem Resources Ltd.
|
| Issue: | Flow-through units of one share and one warrant
|
| Amount: | C$1,621,002
|
| Units: | 4,767,654
|
| Price: | C$0.34
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45 for the first year; C$0.60 for the second year
|
| Investor: | MineralFields Group (lead)
|
| Settlement date: | Nov. 17
|
| Stock symbol: | TSX Venture: DRL
|
| Stock price: | C$0.285 at close Nov. 17
|
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