Diamcor Mining announces that it has closed a second and final tranche of CND$600,300.00 of its previously announced non-brokered private placement, bringing the total of the Offering to CND$2,006,300.00. The Company previously announced the closing of a first tranche of the Offering for gross proceeds totalling CND$1,406,000.00 on June 4, 2024. Existing insiders, management and directors, and larger shareholders subscribed for an aggregate of $1,375,000.00 of the Offering.
The Company will issue 40,126,000 units in total from the Offering at a price of CND $0.05, with each unit consisting of one Class, A -Common share in the authorized capital of the Company, and one non-transferable share purchase warrant. Each Warrant entitles the holder to acquire one additional Class “A” Common share at an exercise price of CND $0.075 for a period of 36 months following the close of each of the respective tranches.
Proceeds from the offering will be used for the continued advancement of the Company’s Krone-Endora at Venetia 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 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.
All private placements are subject to regulatory and/or final approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering are subject to a hold period of four months plus one day following the date of their issuance. For securities issued on June 4, 2024, the hold period will expire on October 5, 2024 and for securities issued on July 2, 2024, the hold period will expire on November 3, 2024.
The Krone-Endora at Venetia project was acquired from De Beers and is co-located directly adjacent to the De Beers Venetia Diamond Mine in the Limpopo province of the Republic of South Africa, approximately 500 km north-northeast of Johannesburg. The Venetia mine is the 3rd largest diamond mine in the world, and South Africa’s largest producer of diamonds, accounting for over 50% of South Africa’s annual output.
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