Diamcor Mining Inc, a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds, announces that the Company intends to complete a term loan financing of up to CAD$1,000,000. Term loans under the Financing will be unsecured, carry an annual interest rate of 15%.
The Company will issue a total of 400,000 common shares in its authorized share capital for every CAD$100,000 of principal advanced under the Financing by participants/lenders pursuant to policy 5.1 of the TSX Venture Exchange Corporate Finance Manual.
There will be no warrant issued as part of the Financing. The principal and interest of the term loans will be due and payable on the 12-month anniversary of the closing date. As has been the case in other recent financings completed by the Company, Management and key shareholders are expected to participate in this Financing.
The proceeds of the Financing will be used to advance efforts aimed at processing material at significantly higher volumes in 2025 at the Company’s Krone-Endora at Venetia Project, the advancement of work programmes previously underway, expansion into the greater portions of the Project, and for general corporate purposes.
The Company also notes that it is in advanced discussions with various larger industry groups and financiers on the provision of larger non-dilutive facilities to support future growth, and further details will be provided when available in the coming weeks. As a result of the above, the Company will not be proceeding with the financing previously announced on October 30, 2024.
The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.
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