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Shares Issued and Outstanding:
54,659,623
TSXV:DMI
OTCQB:DMIFF
KELOWNA, BC, March 12, 2018 /CNW/ - Diamcor Mining Inc.
(TSX-V.DMI / OTCQB-DMIFF), (the "Company") announces it intends to
complete a non-brokered private placement financing (the
"Offering") of up to 12,500,000 units (the "Units") at a price of
CDN$0.40 per Unit for gross proceeds
of up to CDN$5,000,000 (the
"Proceeds"). Each Unit will consist of one common share (a
"Share") of the Company, and one-half of one common share purchase
warrant (a "Warrant"). Each whole Warrant will entitle the
holder thereof to purchase one Share at an exercise price of
CDN$0.60 for a period of 36 months
following the date of issuance. The Company has received initial
subscription commitments for the Offering from existing
institutional and larger shareholders. Proceeds from the
Offering will be used to address the insufficient recoveries of
water from the settling dams at the Company's Krone-Endora at
Venetia Project through the finalization of the previously
announced installation of a paste thickening plant and associated
operational equipment aimed at supporting increased processing at
the Project, with other portions used to advance additional bulk
sampling efforts into surrounding areas, and for general and
administrative purposes.
The Offering 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 Offering 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 publically traded
junior diamond mining company which is listed on the TSX Venture
Exchange under the symbol V.DMI, and on the OTC QB International
under the symbol DMIFF. The Company has a well-established
operational and production history in South Africa and extensive prior experience
supplying rough diamonds to the world market.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and
first right of refusal 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 then current prices to
be determined by the parties on an ongoing basis. In conjunction
with this first right of refusal, Tiffany & Co. Canada also provided the Company with
financing to advance the Project. Tiffany & Co. is a publically
traded company which is listed on the New York Stock Exchange under
the symbol TIF. For additional information on Tiffany &
Co., please visit their website at www.tiffany.com.
About Krone-Endora at Venetia
In February 2011, Diamcor acquired
the Krone-Endora at Venetia Project from De Beers Consolidated
Mines Limited, consisting of the prospecting rights over the farms
Krone 104 and Endora 66, which
represent a combined surface area of approximately 5,888 hectares
directly adjacent to De Beers' flagship Venetia Diamond Mine in
South Africa. On September 11, 2014, the Company announced that
the South African Department of Mineral Resources had granted a
Mining Right for the Krone-Endora at Venetia Project encompassing
657.71 hectares of the Project's total area of 5,888 hectares. The
Company has also submitted an application for a mining right over
the remaining areas of the Project. The deposits which occur on the
properties of Krone and Endora have been identified as a
higher-grade "Alluvial" basal deposit which is covered by a
lower-grade upper "Eluvial" deposit. The deposits are proposed to
be the result of the direct-shift (in respect to the "Eluvial"
deposit) and erosion (in respect to the "Alluvial" deposit) of
material from the higher grounds of the adjacent Venetia Kimberlite
areas. The deposits on Krone-Endora occur in two layers with a
maximum total depth of approximately 15.0 metres from surface to
bedrock, allowing for a very low-cost mining operation to be
employed with the potential for near-term diamond production from a
known high-quality source. Krone-Endora also benefits from the
significant development of infrastructure and services already in
place due to its location directly adjacent to the Venetia
Mine.
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
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com
Tel (250) 864-3326
www.diamcormining.com
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.
