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Diamcor to Raise $3M in Private Placement

Proceeds will be used to advance Krone-Endora at Venetia diamond project in South Africa.
Dec 24, 2014 10:59 AM   By Jeff Miller
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RAPAPORT... Diamcor Mining Inc. intends to complete a private placement  on a brokered and non-brokered basis of up to 3 million units at a price of 86 cents (CAD 1) each for gross proceeds of up to $2.6 million (CAD 3 million). Each unit will consist of one common share and one half of one common share purchase warrant.  Each whole warrant will entitle the holder  to purchase one share at an exercise price of $1.07 (CAD 1.25) for a period of 36 months following the date of issuance.

The offering is subject to the approval of the Toronto Stock Exchange's venture exchange. Proceeds from the offering will be used to support the continued advancement of Diamcor's Krone-Endora at Venetia diamond project in South Africa, the acquisition of additional operational items aimed at enhancing the effective treatment of larger material in the +26.0mm size fractions, and for general and administrative purposes.

Diamcor has a long-term strategic alliance and first right of refusal with Tiffany & Co. to purchase up to 100 percent of the future production from the Krone-Endora at Venetia project. Diamcor acquired the Krone-Endora at Venetia project from De Beers  in February 2011, encompassing 5,888 hectares, and the company was granted a mining right for 657.71 hectares in September.  

Tags: diamcor, diamond, funding, Jeff Miller, krone-endora, mining, South Africa
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