Diamcor Extends Closing of Second Tranche of Private Placement
Diamcor Mining (DMIFF) has announced an extension for closing the second tranche of its private placement. The extension aims to accommodate additional investors and finalize necessary documentation. The second tranche, expected to close by June 27, 2024, follows the first tranche which raised CAD $1.406 million through the sale of 28.12 million units at CAD $0.05 per unit. Each unit includes one share and one warrant. The proceeds will fund the Krone-Endora at Venetia Project and other company initiatives. All activities are subject to TSX Venture Exchange approval and comply with regulatory requirements.
- Raised CAD $1.406 million from the first tranche.
- Interest from additional investors leading to an extension.
- Funds allocated for Krone-Endora at Venetia Project and potential acquisitions.
- Warrants provide potential for future capital injection.
- Extension needed, indicating potential delays in fundraising.
- Continued reliance on private placements for funding.
- Regulatory approval still pending, adding uncertainty.
- Shares and warrants could lead to shareholder dilution.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
KELOWNA, BC / ACCESSWIRE / June 18, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), ("Diamcor" or the "Company"), an established diamond mining company focused on developing a supply of ethically sourced, non-conflict, natural rough diamonds to select diamantaires and luxury retailers, announces today that, further to its news release of June 4, 2024, the Company is seeking to extend the closing of the second tranche of its non-brokered revised private placement (the "Offering"). The Company previously indicated that the original Offering, the terms of which can also be found in its news release of May 1, 2024, would be oversubscribed and is seeking additional time to accommodate and finalize the documentation and related required items for several additional interested investors. The second and final tranche of the Offering is now expected to close on or before June 27, 2024, and remains subject to final approval by the TSX Venture Exchange.
As previously announced, the first tranche consisted of 28,120,000 units at a price of CND
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 issuance.
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
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
Mr. Neil Simon
Investor Cubed Inc
nsimon@investor3.ca
+1 (647) 258-3310
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.
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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
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