Diamcor Signs Letter of Intent with Dubai Based Company for a USD $5.0M Term Loan
Diamcor Mining (DMIFF) has secured a non-binding letter of intent for a USD $5 million non-dilutive financing with a Dubai-based diamond manufacturer. The financing terms will include security interest, interest component, and revenue participation, with no share or warrant issuance.
The proceeds will be used to expedite processing of stockpiled oversized material, deploy additional assets to increase processing volumes at the Krone-Endora at Venetia Project, advance existing work programmes, conduct bulk sampling, and support general corporate purposes.
The company also announced the results of its December 30, 2024 Annual General Meeting, where shareholders approved all resolutions with significant majorities, including the election of directors and amendments to the stock option plan. The meeting saw 52.49% of total shares voted.
Diamcor Mining (DMIFF) ha ottenuto una lettera di intenti non vincolante per un finanziamento non diluitivo di 5 milioni di dollari USA con un produttore di diamanti con sede a Dubai. I termini di finanziamento includeranno un interesse di sicurezza, una componente di interesse e partecipazione ai ricavi, senza emissione di azioni o warrant.
Le entrate saranno utilizzate per accelerare l'elaborazione del materiale sovradimensionato accumulato, impiegare ulteriori risorse per aumentare i volumi di lavorazione presso il Progetto Krone-Endora a Venetia, progredire nei programmi di lavoro esistenti, condurre campionamenti di massa e supportare scopi aziendali generali.
La società ha anche annunciato i risultati della sua Assemblea Generale Annuale tenutasi il 30 dicembre 2024, dove gli azionisti hanno approvato tutte le risoluzioni con maggioranze significative, inclusa l'elezione dei direttori e le modifiche al piano di opzioni azionarie. Alla riunione ha partecipato il 52,49% delle azioni totali votate.
Diamcor Mining (DMIFF) ha obtenido una carta de intención no vinculante para un financiamiento no dilutivo de 5 millones de dólares estadounidenses con un fabricante de diamantes con sede en Dubái. Los términos del financiamiento incluirán interés de seguridad, componente de interés y participación en los ingresos, sin emisión de acciones ni warrants.
Los fondos se utilizarán para acelerar el procesamiento del material sobredimensionado almacenado, desplegar activos adicionales para aumentar los volúmenes de procesamiento en el Proyecto Krone-Endora en Venetia, avanzar en los programas de trabajo existentes, realizar muestreo en masa y apoyar propósitos corporativos generales.
La empresa también anunció los resultados de su Asamblea General Anual del 30 de diciembre de 2024, donde los accionistas aprobaron todas las resoluciones con mayorías significativas, incluyendo la elección de directores y enmiendas al plan de opciones sobre acciones. La reunión vio un 52,49% de las acciones totales votadas.
Diamcor Mining (DMIFF)는 두바이에 본사를 둔 다이아몬드 제조업체와의 500만 달러 비희석 자금 조달을 위한 비구속 의향서를 확보했습니다. 자금 조달 조건에는 담보 이자, 이자 구성 요소 및 수익 참여가 포함되며, 주식 또는 워런트 발행은 없습니다.
이 자금은 보관된 대형 자재의 처리 속도를 높이고, Venetia 프로젝트의 Krone-Endora에서 처리량을 늘리기 위해 추가 자산을 배치하고, 기존 작업 프로그램을 진행하며, 대량 샘플링을 수행하고, 일반 기업 목적을 지원하는 데 사용될 것입니다.
회사는 또한 2024년 12월 30일 연례 주주 총회 결과를 발표했으며, 주주들은 이사 선출 및 주식 옵션 계획 수정 등을 포함한 모든 결의를 중대한 찬성으로 승인했습니다. 총 주식의 52.49%가 투표에 참여했습니다.
Diamcor Mining (DMIFF) a obtenu une lettre d'intention non contraignante pour un financement non dilutif de 5 millions de dollars américains avec un fabricant de diamants basé à Dubaï. Les conditions de financement comprendront un intérêt de sécurité, un composant d'intérêt et une participation aux revenus, sans émission d'actions ni d'options.
Les fonds seront utilisés pour accélérer le traitement des matériaux surdimensionnés stockés, déployer des actifs supplémentaires pour augmenter les volumes de traitement au Projet Krone-Endora à Venetia, faire avancer les programmes de travail existants, réaliser des échantillonnages en vrac et soutenir des fins corporatives générales.
L'entreprise a également annoncé les résultats de son Assemblée Générale Annuelle du 30 décembre 2024, où les actionnaires ont approuvé toutes les résolutions avec des majorités significatives, y compris l'élection des directeurs et les modifications du plan d'options sur actions. La réunion a vu 52,49 % des actions totales votées.
Diamcor Mining (DMIFF) hat ein nicht verbindliches Absichtsschreiben für eine 5 Millionen USD nicht verwässernde Finanzierung mit einem in Dubai ansässigen Diamanthersteller gesichert. Die Finanzierungsbedingungen beinhalten Sicherheitsinteressen, Zinskomponenten und Umsatzbeteiligung, ohne Ausgabe von Aktien oder Warrants.
Die Mittel werden verwendet, um die Verarbeitung des gelagerten Übergrößenmaterials zu beschleunigen, zusätzliche Vermögenswerte einzusetzen, um die Verarbeitungsmenge im Krone-Endora Projekt in Venetia zu erhöhen, bestehende Arbeitsprogramme voranzutreiben, Massensampling durchzuführen und allgemeine Unternehmenszwecke zu unterstützen.
Das Unternehmen kündigte auch die Ergebnisse seiner Jahreshauptversammlung vom 30. Dezember 2024 an, in der die Aktionäre alle Beschlüsse mit erheblichen Mehrheiten genehmigten, einschließlich der Wahl von Direktoren und Änderungen des Aktienoptionsplans. An der Versammlung nahmen 52,49% der insgesamt stimmberechtigten Aktien teil.
- Secured USD $5M non-dilutive financing without share dilution
- Financing will enable increased processing volumes and expansion of operations
- Strong shareholder support with 99%+ approval rates for key resolutions at AGM
- Financing terms not yet finalized and subject to regulatory approval
- Company acknowledges challenging market conditions in 2024
- Recovery not expected until second half of 2025
KELOWNA, BC / ACCESS Newswire / January 27, 2025 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), ("Diamcor" or the "Company"), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds is pleased to announce the Company has entered into a non-binding letter of intent for a non-dilutive financing (the "Financing") of up to USD
"This financing is the result of long-term relationships we have developed with key associates in Dubai over many years, and the mutual vision our companies share on the merits of building a growing supply of gem quality non-conflict natural rough diamonds for the luxury jewelry sector", noted Diamcor CEO Mr. Dean Taylor. "While 2024 was a challenging year for everyone in the diamond industry, we believe the factors responsible for this will ultimately begin to stabilize by the second half of 2025, and this financing will help to ensure we are well positioned and ready for this anticipated recovery".
The Financing is subject to the regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required.
Results of 2024 Annual General and Special Meeting
The Company also wishes to announce that Shareholders passed each of the resolutions described in the Company's proxy materials by the required majority of voting at the Company's Annual General and Special Meeting (the "AGM") held on December 30, 2024.
The total number of votes cast for each resolution is set out in the table below.
| NUMBER OF SHARES |
| PERCENTAGE OF VOTES CAST |
| |||||||||||||
MOTIONS |
| FOR |
| AGAINST |
| WITHHELD/ |
| RESTRICTED |
| NON VOTE |
| FOR |
| AGAINST |
| WITHHELD/ |
|
Number of Directors |
| 88,320,583 |
| 203,568 |
| 0 |
| 0 |
| 0 |
|
|
|
| |||
Dean H. Taylor |
| 86,003,393 |
| 0 |
| 1,380,398 |
| 0 |
| 1,140,360 |
|
|
|
| |||
Darren Vucurevich |
| 86,642,334 |
| 0 |
| 741,457 |
| 0 |
| 1,140,360 |
|
|
|
| |||
Dr. Stephen Haggerty |
| 86,847,334 |
| 0 |
| 536,457 |
| 0 |
| 1,140,360 |
|
|
|
| |||
D. Wayne Howard |
| 87,365,156 |
| 0 |
| 18,365 |
| 0 |
| 1,140,360 |
|
|
|
| |||
Appointment of Auditors |
| 88,524,116 |
| 0 |
| 35 |
| 0 |
| 0 |
|
|
|
| |||
Amendment to Stock Option Plan |
| 64,644,242 | * | 2,183,438 |
| 0 |
| 20,556,111 |
| 1,140,360 |
|
|
|
| |||
*Excluding 20,556,111 shares held by Insiders
TOTAL SHAREHOLDERS VOTED BY PROXY: 41
TOTAL SHARES ISSUED & OUTSTANDING: 168,638,937
TOTAL SHARES VOTED: 88,524,151
TOTAL % OF SHARES VOTED:
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. The Company's primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers' Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world's top diamond-producing mines, and the deposits which occur on Krone-Endora 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. Well known Luxury Retailer Tiffany & Co provided the Company with financing to expedite the advancement of the Project and holds a first right of refusal to acquire rough diamonds under 10.8 carats in size at then market prices for the life of the Project. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers' flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project's total area of 5,888 hectares. The Company is also advancing an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade "Alluvial" basal deposit which is covered by a lower-grade upper "Eluvial" deposit. These deposits are proposed to be the result of the direct-shift (in respect to the "Eluvial" deposit) and erosion (in respect to the "Alluvial" deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
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
President & CEO
Diamcor Mining Inc.
www.diamcormining.com
For further information contact:
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
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 ACCESS Newswire
FAQ
What is the value and purpose of Diamcor Mining's (DMIFF) new financing agreement?
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Will the new USD $5M financing deal dilute DMIFF shareholders?
What security measures are included in DMIFF's new financing agreement?
