By Sheri Kasprzak
Atlanta, Jan. 7 - Diamonds North Resources Ltd. said it has received C$1 million from a non-brokered private placement.
The company sold 970,874 shares at C$1.03 each to BHP Billiton Diamonds Inc.
The deal is part of a joint venture agreement between Diamonds North and BHP from May 2004. As part of the agreement, in which the companies merged land holdings in Canada's eastern Arctic region, BHP must buy at least C$1 million in shares for three years.
Based in Vancouver, B.C., Diamonds North is a diamond exploration and development company. It plans to use the proceeds from the offering for general working capital.
| Issuer: | Diamonds North Resources Ltd.
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| Issue: | Stock
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| Amount: | C$1 million
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| Shares: | 970,874
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| Price: | C$1.03
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| Warrants: | No
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| Investor: | BHP Billiton Diamonds Inc.
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| Settlement date: | Jan. 6
|
| Stock price: | C$0.92 at close Jan. 6
|
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