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Diamcor Mining (TSXV:DMI) has announced that it intends to complete a brokered private placement financing of up to 4,545,455 units at a price of $1.10 per unit for gross proceeds of up to $5 million. As quoted in the press release: Each Unit will consist of one common share (a “Share”) of the Company, and …
Diamcor Mining (TSXV:DMI) has announced that it intends to complete a brokered private placement financing of up to 4,545,455 units at a price of $1.10 per unit for gross proceeds of up to $5 million.
As quoted in the press release:
Each Unit will consist of one common share (a “Share”) of the Company, and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Share at an exercise price of CDN$1.60 for a period of 36 months following the date of issuance.
The Company has engaged Echelon Wealth Partners Inc. (“Echelon”) as the sole agent for and on behalf of the Company for the Offering. Echelon will receive (i) a cash fee equal to 6% of the Proceeds raised from the Offering and (ii) that number of common share purchase warrants (the “Agent’s Warrants”) equal to 6% of the number of Units sold by Echelon pursuant to the Offering. Each Agent’s Warrant will entitle the holder thereof to purchase one Share at an exercise price of CDN$1.60 for a period of 36 months following the date of issuance. The Offering is subject to the approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering will be subject to a hold period of four months plus one day following the date of issuance.
Proceeds from the Offering will be used for the acquisition of additional operational equipment and materials to support the continued advancement of the Company’s Krone-Endora at Venetia Project, and for general and administrative purposes.
The securities sold in the Offering have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration under such Act or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.