By Devika Patel
Knoxville, Tenn., March 3 - Dianor Resources Inc. said it arranged a C$30 million line of credit with Kodiak Capital Group, LLC.
Kodiak has committed to purchase up to C$30 million of the company's common shares over three years at a purchase price equal to 90% of the volume weighted average price of Dianor's shares during the five trading days following the drawdown notice. There is a minimum issue price of C$0.05 per share.
No single drawdown may be greater than C$500,000 or 200% of the average daily trading volume of the shares for the three trading days prior to the drawdown notice multiplied by the average closing price of the shares for the same three-day period.
Proceeds will be used to advance the bulk sampling of the Leadbetter Diamond Project.
Based in Val d'Or, Quebec, Dianor is a diamond exploration company.
| Issuer: | Dianor Resources Inc.
|
| Issue: | Equity line of credit
|
| Amount: | C$30 million
|
| Tenor: | Three years
|
| Price: | 90% of volume weighted average price over five trading days following drawdown notice, floor of C$0.05
|
| Warrants: | No
|
| Investor: | Kodiak Capital Group, LLC
|
| Pricing date: | March 3
|
| Stock symbol: | TSX Venture: DOR
|
| Stock price: | C$0.09 at close March 2
|
| Market capitalization: | C$20.3 million
|
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