Diamcor Closes Second Tranche of CND$2,006,300 Financing

Rhea-AI Summary

Diamcor Mining has successfully closed the second and final tranche of its non-brokered private placement, raising a total of CND$2,006,300. The second tranche contributed CND$600,300. Existing insiders, management, directors, and significant shareholders subscribed for CND$1,375,000. The offering issued 40,126,000 units at CND$0.05 per unit, each comprising one Class 'A' Common share and one non-transferable share purchase warrant. The warrant allows the purchase of an additional share at CND$0.075 within 36 months. Funds will support ongoing work on the Krone-Endora at Venetia Project, exploration, and potential acquisitions. The securities are subject to a hold period of four months. The offering is pending final regulatory approval.

Positive

• Diamcor Mining raised a total of CND$2,006,300 through a non-brokered private placement.
• Second tranche raised CND$600,300.
• Significant shareholders, management, and directors contributed CND$1,375,000.
• Funds will support the Krone-Endora at Venetia Project, exploration, and potential new acquisitions.

Negative

• Securities are subject to a hold period of four months.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

KELOWNA, BC / ACCESSWIRE / July 2, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), ("Diamcor" or the "Company"), (the "Company") announces that it has closed a second and final tranche of CND$600,300.00 of its previously announced non-brokered private placement (the "Offering"), bringing the total of the Offering to CND$2,006,300.00. The Company previously announced the closing of a first tranche of the Offering for gross proceeds totalling CND$1,406,000.00 on June 4, 2024. Existing insiders, management and directors, and larger shareholders subscribed for an aggregate of $1,375,000.00 of the Offering.

The Company will issue 40,126,000 units in total from the Offering at a price of CND $0.05, with each unit consisting of one Class "A" Common share in the authorized capital of the Company (a "Share"), and one non-transferable share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional Class "A" Common share at an exercise price of CND $0.075 for a period of 36 months following the close of each of the respective tranches.

Proceeds from the offering will be used for the continued advancement of the Company's Krone-Endora at Venetia Project (the "Project), the work programmes currently underway, the announced efforts surrounding drilling and bulk sampling on the greater portions of the Project, the advancement of discussions on potential acquisitions of additional opportunities aimed at increasing long-term shareholder value and added growth, and for general corporate purposes. The Company 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.

All private placements are subject to regulatory and/or final approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering are subject to a hold period of four months plus one day following the date of their issuance. For securities issued on June 4, 2024, the hold period will expire on October 5, 2024 and for securities issued on July 2, 2024, the hold period will expire on November 3, 2024.

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.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded diamond mining company with a proven history, which is focused on building a growing supply of ethically sourced, non-conflict, natural rough diamonds to some of the world's most reputable diamantaire's and luxury retailers. The Company has a long-term strategic alliance with world famous Tiffany & Co, and currently, its primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly related to De Beers' flagship Venetia Diamond Mine in South Africa. The Venetia diamond mine is long recognized as one of the world's top diamond-producing mines, and the deposits which occur on Company's Krone-Endora Project have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company is also focused on the acquisition and development of additional mid-tier projects with near-term production capabilities to allow the Company to position itself as a growing supplier of ethically and responsibly mined non-conflict natural rough diamonds to reputable diamantaires and select luxury retailers. The Company has a strong commitment to junior mining, social responsibility, women in mining, supporting local communities, and to protecting the environment.

About the Tiffany & Co. Alliance

The Company has an established long-term strategic alliance with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor's exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta ("APEGA"). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

For Investor Relations contact:

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company's ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.

View the original press release on accesswire.com

FAQ

What is the total amount raised by Diamcor Mining's private placement?

Diamcor Mining raised a total of CND$2,006,300 through its non-brokered private placement.

How much was raised in the second tranche of Diamcor Mining's private placement?

The second tranche of Diamcor Mining's private placement raised CND$600,300.

What is the share price in Diamcor Mining's recent offering?

The share price in Diamcor Mining's recent offering is CND$0.05 per unit.

What are the terms of Diamcor Mining's share purchase warrants?

Each warrant allows the holder to purchase an additional share at CND$0.075 within 36 months.

What will the proceeds from Diamcor Mining's private placement be used for?

Proceeds will be used for the Krone-Endora at Venetia Project, ongoing work programs, exploration, potential acquisitions, and general corporate purposes.

What is the ticker symbol for Diamcor Mining?

Diamcor Mining's ticker symbol is DMIFF.