By Sheri Kasprzak
Atlanta, June 29 - Diamond North Resources Ltd. said it plans to raise up to C$3 million in a private placement.
The non-brokered deal includes up to 4 million units at C$0.75 each.
The units are comprised of one share and one warrant. The warrants allow for an additional share at C$1.00 each for the first year and C$1.50 each for the second year.
The company may force conversion of the warrants if its stock trades above C$1.30 each for 10 consecutive trading days in the first year.
Based in Vancouver, B.C., Diamond North is a diamond exploration company. The proceeds will be used for exploration and working capital.
| Issuer: | Diamond North Resources Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$3 million (maximum)
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| Units: | 4 million (maximum)
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| Price: | C$0.75
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00 for first year; C$1.50 for second year
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| Call: | Company may force conversion of warrants if stock trades above C$1.30 per share for 10 consecutive trading days in first year
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| Pricing date: | June 28
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| Stock price: | C$0.68 at close June 28
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