VANCOUVER, Feb. 13, 2020 /CNW/ - Diamond Fields
Resources Inc. (TSX-V: DFR) ("DFR" or the "Company")
announces that it has completed the C$1,000,000 working capital financing announced
on 15 January 2020.
Pursuant to such financing, Albert C. Gourley Professional
Corporation, and DFR's major shareholder, Spirit Resources SARL,
(the "Lenders") have each subscribed for 500,000 common shares of
the Company (the "Common Shares") at an issue price of C$0.20 per Common Share for aggregate proceeds of
C$100,000 per Lender. The Common
Shares are subject to a four month hold period.
The Lenders have also each advanced the Company a loan in the
principal amount of C$400,000 at an
interest rate of 10% repayable on 31 December 2020. The loans
may be repaid earlier in the event that the Company and its
subsidiaries: complete an equity financing or otherwise receive
funding, payments or income equal to C$1,000,000; or the Company's Namibian subsidiary
receives authorisation from the Bank of Namibia to remit not less than US$500,000 from Namibia.
The transaction is subject to final approval of the TSX Venture
Exchange.
Notes to Editors:
DFR is a TSX Venture Exchange listed exploration and mine
development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravina
Project in cooperation with Denham Mining Fund LP. Beravina is an
advanced high-grade hard rock zircon exploration prospect located
in the west of the country, approximately 220km east of the port of
Maintirano and near a state road. DFR acquired Beravina from Pala
Investments and Austral Resources in 2016. In Namibia, DFR continues to assess, amongst
other things, the need for further exploration and development work
in order to improve mining performance as part of an initial six
month (non-continuous) offshore diamond mining program on its ML
111 licence area. The ML 111 concession has a ten-year mining
licence, effective until 4 December
2025, and lies within Luderitz Bay between Diaz Point in the
south and Marshall Rocks in the
north and at depths of 15 to 70 metres.
Website: www.diamondfields.com
The Company's public documents may be accessed
at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note about Forward-looking Statements and
Information
Certain of the statements made herein may contain
forward-looking statements or information within the meaning of the
applicable Canadian securities laws. Often, but not always,
forward-looking statements and forward-looking information can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
or information herein include, but are not limited, to statements
or information with respect to the repayment of the Loan, and the
receipt of final TSX Venture Exchange approval.
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. We have made certain assumptions about
the forward-looking statements and information, including the
ability to receive the approvals required to complete the sale of
shares of the Company or the Loan. Although our
management believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there
can be no assurance that the forward-looking statements or
information will prove to be accurate. Furthermore, should one or
more of the risks, uncertainties or other factors materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking statements
or information. These risks, uncertainties and other factors
include, among others, the following: inability to obtain the
required approvals for the sale of shares of the Company and the
Loan, as well as those factors discussed in the
section entitled "Risk Factors" in the Company's most recent
Management Discussion and Analysis filed on SEDAR.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein. Except
as required by law, we do not expect to update forward-looking
statements and information continually as conditions change and you
are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities
regulatory authorities in Canada.
All forward looking statements and information contained in this
News Release are qualified by this cautionary statement.
SOURCE Diamond Fields Resources Inc.
