Non-Brokered Private Placement
Each unit will be priced at $0.75 per unit and will consist of one common share and one non-transferable share purchase warrant. The warrant attached to the unit will entitle the holder to purchase one additional common share, exercisable for two years from the closing date, at a price of $1.00 during the first year and at $1.50 during the second year. The units will have a forced warrant conversion if Diamonds North's shares trade at $1.30 or higher for 10 consecutive days in the first year.
A finder's fee of 5% cash and 6% broker warrants may be payable on a portion of the financing to registered dealers who assist in the placement. The broker warrants will have the same terms as the unit warrants. The net proceeds from the financing will be used primarily for exploration expenses on the Company's properties and general working capital.
This private placement is subject to regulatory approval.
Diamonds North is a dynamic exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba
President
For further information, please contact:
Corporate Communications: Nancy Curry
Diamonds North Resources Ltd.
Telephone:
Facsimile:
Website: diamondsnorthresources.com
Email:
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