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RAPAPORT... Diamcor Mining Inc. closed its previously announced private placement of 2,142,858 units at a price of $1.40 per unit for gross proceeds of $3 million, with an oversubscription of 5,000 units for a final closing amount of $3.007 million. Each unit consists of one common share and one-half of one common share purchase warrant whereas each warrant entitles the holder to purchase one share at an exercise price of $1.80 until March 11, 2017.
In addition, Diamcor Mining issued an aggregate of 114,471 non-transferable warrants to its agents (Roth Capital Partners and Euro Pacific Canada), representing 6 percent of the number of units sold to subscribers. The company received conditional approval to the offering by the Toronto Stock Exchange venture exchange on March 4. Proceeds from the offering will be used to support the advancement of the company's Krone-Endora at Venetia project in South Africa and for general corporate and administrative purposes.
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