Diamcor seeks to extend closing of second tranche of revised private placement
Diamond mining company Diamcor Mining is seeking to extend the closing of the second tranche of its non-brokered revised private placement following its announcement on June 4 that it has closed the first tranche.
The company previously indicated that the original offering, announced on May 1, would be oversubscribed. Diamcor is therefore seeking additional time to accommodate and finalise 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.
As previously announced, the first tranche consisted of 28.12-million units at a price of C$0.05 each for proceeds of about C$1.4-million. Each unit consists of one class A common share in the authorised capital of the company and one non-transferable share purchase warrant.
Each warrant will entitle 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 the first tranche.
Proceeds from the offering will be used for the continued advancement of the company’s Krone-Endora at Venetia project, the work programmes currently under way, 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.
Diamcor said on June 19 that it 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 these objectives.
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