This is great news. Now they have the money to drill their own holes.
Cheers
Diamond Frank closes $3-million financing
Ticker Symbol: C:DOD
Diamond Frank closes $3-million financing
Diamond Frank Exploration Inc(C:DOD)
Shares Issued 32,679,867
Last Close10/5/2010
.235
Wednesday October 06 2010 - News Release
Mr. David McDonald reports
DIAMOND FRANK EXPLORATION CLOSES A $3,000,000 PRIVATE PLACEMENT
Diamond Frank Exploration Inc. has closed a brokered privateplacement led by BayFront Capital Partners Ltd. for total gross proceedsof $3-million. In connection with the placement, Diamond Frank issued atotal of 12 million units.
Each unit at a price of 25 cents perunit comprises one common share and one warrant entitling to subscribefor one common share of Diamond Frank at the price of 32 cents for aperiod of 18 months from closing.
Under the placement, DiamondFrank paid the agent a cash commission of $300,000 and issued 1.2million non-transferable warrants, each entitling the agent to subscribefor one unit of Diamond Frank at a price of 25 cents, and comprisingone common share and one warrant having the same terms and conditionsas the warrants included in the units. The securities issued under thisplacement will be subject to a hold period of four months and one dayexpiring on Feb. 7, 2011.
The proceeds of the placement will beused to finance the company's exploration work on its Quebec propertiesand for general working capital.
? 2010 Canjex Publishing Ltd.