By Devika Patel
Knoxville, Tenn., Oct. 15 - Diamcor Mining Inc. said it has arranged a C$5 million non-brokered private placement of units.
The company will sell 16,666,667 units of one share and one half-share warrant at C$0.30 each. The whole warrants are exercisable at C$0.50 each for two years.
Proceeds will be used for costs related to the purchase of the Krone-Endora alluvial diamond deposit from De Beers Consolidated Mines Ltd., for project planning and purchasing equipment for the post-closing trial mining efforts on the deposit and for general corporate purposes.
Based in Kelowna, B.C., Diamcor is a junior resource company.
| Issuer: | Diamcor Mining Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 16,666,667
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 15
|
| Stock symbol: | TSX Venture: DMI
|
| Stock price: | C$0.25 at close Oct. 15
|
| Market capitalization: | C$2.96 million
|
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