By Sheri Kasprzak
Atlanta, April 13 - Diamond Fields International Ltd. said it will raise up to C$5 million in a private placement of units.
The deal includes up to 14,285,715 units at C$0.35 each.
The units are comprised of one share and one half-share warrant. The full warrants provide for an additional share at C$0.60 each for five years.
The expiry of the warrants will be accelerated to 20 days if the company's stock exceeds C$1.20 per share two years after the deal closes.
Placement agents GMP Securities Ltd. and Haywood Securities Inc. have an over-allotment option connected to the offering for an additional 14,285,715 units.
Based in Vancouver, B.C., Diamond Fields is a marine diamond exploration and development company. It plans to use the proceeds to pay down existing debt, advance its exploration projects and expand its working capital.
| Issuer: | Diamond Fields International Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5 million (maximum)
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| Units: | 14,285,715
|
| Greenshoe: | For up to 14,285,715 units
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| Price: | C$0.35
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.60
|
| Placement agents: | GMP Securities Ltd. (lead); Haywood Securities Inc.
|
| Pricing date: | April 13
|
| Stock price: | C$0.42 at close April 12
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