Diamcor Closes $5,820,700 Private Placement

Diamcor Mining (TSXV:DMI) has announced that further to its news release of August 23, 2016 announcing a brokered private placement financing  of up to 4,545,455 units at a price of CDN$1.10 per Unit for gross proceeds of up to CDN$5,000,000, the has closed the offering with an oversubscription of 746,090 units resulting in the issuance of an aggregate 5,291,545 units for total gross subscription proceeds of CDN$5,820,700, with over 90 percent of the units being acquired by institutional investors
As quoted in the press release:

Each Unit consists 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 until August 31, 2019.  The Shares and Warrants are subject to a hold period ending on January 1, 2017.
The Company also announces that, pursuant to the terms and conditions of an Agency Agreement between the Company and Echelon Wealth Partners Inc. (“Echelon”), the Company has paid an aggregate cash commission of CND$326,999.97 to Echelon, representing 6% of the gross proceeds received from subscribers introduced to the Company by Echelon.  In addition, the Company has issued an aggregate of 297,273 non-transferable warrants to Echelon (the “Echelon Broker Warrants”), representing 6% of the number of Units sold to subscribers introduced to the Company by Echelon.  Each Echelon Broker Warrant entitles the holder to purchase one Share of the Company at an exercise price of CDN$1.60 until August 31, 2019.  The Echelon Broker Warrants will also be subject to a hold period ending on January 1, 2017.
The Company further announces that, as part of a non-brokered portion of the Offering, the Company has paid to certain finders an aggregate cash commission of CDN$10,230, representing 6% of the gross proceeds received from subscribers introduced to the Company by such finders, and has issued an aggregate of 9,300 non-transferable warrants to such finders (the “Finder’s Warrants”), representing 6% of the number of Units sold to subscribers introduced to the Company by such finders.  Each Finder’s Warrant entitles the holder to purchase one Share of the Company at an exercise price of CDN$1.60 until August 31, 2019.  The Finder’s Warrants will also be subject to a hold period ending on January 1, 2017.

Click here to read the full press release.