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Diamcor Announces CND$1,500,000 Private Placement

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Diamcor Mining Inc. plans to complete a non-brokered private placement financing of up to CND$1,500,000, with existing shareholders, management, and directors subscribing to CND$1,250,000. The financing will consist of up to 30,000,000 units at CND$0.05 per unit, with each unit including one common share and one common share purchase warrant. The proceeds will be used for the Krone-Endora at Venetia Project, potential acquisitions, and general corporate purposes. The company will not proceed with the convertible loan financing previously announced.

Diamcor Mining Inc. prevede di completare un finanziamento privato non intermediato fino a 1.500.000 dollari canadesi, con la partecipazione degli attuali azionisti, della direzione e dei membri del consiglio di amministrazione che sottoscriveranno 1.250.000 dollari canadesi. Il finanziamento prevede un massimo di 30.000.000 unità a 0,05 dollari canadesi per unità, ognuna comprendente un'azione ordinaria e un warrant per l'acquisto di un'azione ordinaria. I proventi saranno utilizzati per il progetto Krone-Endora a Venetia, per potenziali acquisizioni e per scopi aziendali generali. La società non procederà con il finanziamento del prestito convertibile precedentemente annunciato.
Diamcor Mining Inc. planea completar una colocación privada de financiamiento no intermediada de hasta 1.500.000 dólares canadienses, con la participación de los actuales accionistas, la gerencia y los directores que suscribirán 1.250.000 dólares canadienses. El financiamiento consistirá en hasta 30.000.000 de unidades a 0,05 dólares canadienses por unidad, cada una incluyendo una acción común y un warrant de compra de acción común. Los ingresos se destinarán al proyecto Krone-Endora en Venetia, posibles adquisiciones y propósitos corporativos generales. La compañía no seguirá adelante con la financiación de préstamo convertible previamente anunciada.
Diamcor Mining Inc.는 기존 주주, 경영진 및 이사회 구성원이 1,250,000캐나다 달러를 구독하는 최대 1,500,000캐나다 달러의 비브로커 개인 플레이스먼트 파이낸싱을 완료할 계획입니다. 자금 조달은 단위당 0.05캐나다 달러에 최대 30,000,000 유닛으로 구성되며 각 유닛에는 보통주 1주와 보통주 구매 워런트 1개가 포함됩니다. 수익금은 Krone-Endora at Venetia 프로젝트, 잠재적 인수 및 일반 기업 목적을 위해 사용됩니다. 회사는 이전에 발표된 전환 대출 자금화를 진행하지 않을 것입니다.
Diamcor Mining Inc. prévoit de réaliser un financement privé non intermédié allant jusqu'à 1 500 000 dollars canadiens, les actionnaires actuels, la direction et les administrateurs souscrivant à 1 250 000 dollars canadiens. Le financement consistera en jusqu'à 30 000 000 unités à 0,05 dollar canadien par unité, chaque unité comprenant une action ordinaire et un bon de souscription d'actions ordinaires. Les fonds seront utilisés pour le projet Krone-Endora à Venetia, des acquisitions potentielles et des fins corporatives générales. La société ne procédera pas au financement par prêt convertible précédemment annoncé.
Diamcor Mining Inc. plant, eine nicht vermittelte private Platzierung in Höhe von bis zu 1.500.000 Kanadischen Dollar abzuschließen, an der bestehende Aktionäre, das Management und die Direktoren bis zu 1.250.000 Kanadische Dollar zeichnen werden. Die Finanzierung umfasst bis zu 30.000.000 Einheiten zu je 0,05 Kanadische Dollar, jede Einheit bestehend aus einer Stammaktie und einem Kaufrecht für eine Stammaktie. Die Erlöse werden für das Krone-Endora-Projekt bei Venetia, potenzielle Akquisitionen und allgemeine Unternehmenszwecke verwendet. Die zuvor angekündigte wandelbare Darlehensfinanzierung wird von der Gesellschaft nicht weiterverfolgt.
Positive
  • Diamcor Mining Inc. is focused on developing a supply of ethically sourced, non-conflict, natural rough diamonds.

  • The company plans to use the proceeds from the private placement financing to advance their Krone-Endora at Venetia Project and potential acquisitions to increase shareholder value and growth.

Negative
  • The securities sold in the financing have not been registered under the United States Securities Act of 1933, which may limit potential sales in the United States.

  • The company will not proceed with the convertible loan financing of up to CND$2,000,000 previously announced on January 18, 2024.

This Press Release Is Not for Distribution to Any United States Newswire Services or for Dissemination in the United States.

KELOWNA, BC / ACCESSWIRE / May 1, 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 it intends to complete a non-brokered private placement financing (the "Financing") of up to CND$1,500,000, and anticipates that an aggregate of up to CND$1,250,000 of the Financing will be subscribed to by existing larger shareholders, management, and directors. The Financing will consist of up to 30,000,000 units (the "Units") at a price of CND$0.05 per Unit, with each Unit consisting of one common share (a "Share") of the Company, and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of CND$0.075 for a period of 36 months following the date of issuance. The Company plans to close the Financing by May 15, 2024.

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 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 and will not be proceeding with the convertible loan financing of up to CND$2,000,000 previously announced on January 18, 2024.

The Financing is subject to the approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering will be subject to a hold period of four months plus one day following the date of issuance.

The securities sold in the Financing 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

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.

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 purpose of Diamcor Mining Inc.'s private placement financing?

Diamcor Mining Inc. intends to use the proceeds for the Krone-Endora at Venetia Project, potential acquisitions, and general corporate purposes.

What is the price per unit in the private placement financing?

The price per unit in the financing is CND$0.05.

What will each unit consist of in the private placement financing?

Each unit will consist of one common share and one common share purchase warrant.

What is the exercise price of the warrants in the private placement financing?

The warrants will entitle the holder to purchase one share at an exercise price of CND$0.075 for 36 months following the date of issuance.

Will Diamcor Mining Inc. proceed with the convertible loan financing previously announced?

No, the company will not proceed with the convertible loan financing of up to CND$2,000,000 previously announced.

Diamcor Mining Inc.

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