Diamcor closes final tranch of offering, bringing total to C$2m
Diamond producer Diamcor Mining has closed a second and final tranche of C$600 300 of its previously announced non-brokered private placement, bringing the total of the offering to about C$2-million.
The company previously announced the close of a first tranche of the offering for gross proceeds totalling about C$1.4-million on June 4. Existing insiders, management and directors, and larger shareholders subscribed for an aggregate of about $1.37-million of the offering.
The company will issue about 40-million units in total from the offering at a price of C$0.05, with each unit consisting of one Class A Common share in the authorised capital of the company, and one non-transferable share purchase warrant.
Each warrant entitles the holder to acquire one additional Class A common share at an exercise price of C$0.075 for a period of 36 months following the close of each of the respective tranches.
Diamcor said proceeds from the offering would be used for the continued advancement of its Krone-Endora at Venetia project, in Limpopo, South Africa.
The funds will finance the work programmes currently under way, ongoing efforts surrounding drilling and bulk sampling on the greater portions of the project, the advancement of discussions on potential acquisitions of additional opportunities and for general corporate purposes.
Diamcor also plans to continue to advance ongoing discussions with financiers and industry-related parties on additional funding scenarios, which may be beneficial in further supporting the above-noted objectives aimed at increasing long-term shareholder value and added growth.
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