Diamcor closes first tranche of increased placement
TSX-V-listed Diamcor Mining has closed a $1.4-million first tranche of a nonbrokered private placement following receipt of conditional acceptance of the offering from the TSX-V.
The company now anticipates the offering will be oversubscribed and has increased the total amount of the original offering from $1.5-million to an aggregate of up to $2.5-million, with a second and final tranche closing expected to occur on or before June 15.
Existing insiders, including management and directors, have subscribed for an aggregate of $600 000 in the first tranche of the offering.
Proceeds from the offering will be used for the continued advancement of the company’s Krone-Endora at Venetia project, in South Africa, 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 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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