Diamcor Mining Inc. (TSXV:DMI) announced an additional $4.0 million financing from its strategic alliance partner Tiffany&Co. The term loan has a fixed interest rate of 9%.
As quoted in the press release:
The $4,000,000 in financing will be provided by Tiffany’s subsidiary, Tiffany & Co. Canada, via a $2,400,000 term loan (the “Term Loan”) and a $1,600,000 convertible debt debenture (the “Convertible Debenture”). The transaction is subject to final acceptance by the TSX Venture Exchange.
Diamcor, President and CEO, Dean H.Taylor commented:
We are very pleased with the continued support of our strategic alliance partner Tiffany and Co. and their willingness to support our expansion plans. We believe deploying this additional equipment now will allow us to further enhance results which are already meeting or exceeding our expectations, and provide us with the ability to expedite our overall goals and targets for the long-term.