News outVAL-D'OR, QUEBEC, Jul 8, 2008 (Marketwire via COMTEX News Network) --
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Dianor Resources Inc. (TSX VENTURE:DOR) is pleased to announce that it has held a second closing of its previously-announced private placement with Northern Securities Inc. and Desjardins Securities Inc. by placing 50,000 "flow-through" units at a price of $0.30 per unit and 2,100,000 units at a price of $0.25 per unit, for aggregate gross proceeds to Dianor of $540,000. This second closing follows the one held on June 30, 2008. Dianor expects to close a third and final tranche of the private placement on or about July 18.
Each of the 50,000 "flow-through" units consists of one "flow-through" common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of Dianor at a price of $0.32 for 24 months.
Each of the 2,100,000 units consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of Dianor at a price of $0.30 for 24 months.
Dianor will use the proceeds from the placement of the "flow-through" shares to incur Canadian Exploration Expenses on its Leadbetter Diamond Project, located north east of Wawa, Ontario, as well as on certain of its Quebec-based exploration properties. Dianor will use the net proceeds from the placement of the units for additional work on the Leadbetter Diamond Project, for work on other existing properties and for working capital.
The private placement was effected through a syndicate group led by Northern Securities Inc. and including Desjardins Securities Inc. In connection with the placement, Dianor paid a cash commission equal to 8% of the gross proceeds from the private placement and issued compensation options to the agents, entitling them to purchase at a price of $0.25 per share for twelve months, a maximum of 215,000 additional common shares, representing 10% of the number of shares sold in the private placement. Each compensation option is exercisable for one common share and one common share purchase warrant. Each warrant comprised in the compensation option entitles the holder thereof to purchase one additional common share of Dianor at a price of $0.30 for 24 months.
All of the foregoing securities, including those issued to the agents, are subject to a hold period expiring on November 9, 2008.
Following the private placement, there are a total of 163,010,315 common shares of Dianor issued and outstanding.
About Dianor
Dianor is an innovative exploration company focused on advancing diamond exploration properties in Canada. The Leadbetter Diamond Project is its most advanced project and is located 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the property and the Company is about to undertake a 6,000 metre drilling programme and is permitting a 34,000 tonne bulk sampling programme in 2008. In addition to diamonds, it contains gold, sapphires and rubies (press release January 18th, 2007). New diamond discoveries by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, 2008) in Quebec have added further diamond properties to our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Quebec) are both unique and amongst the oldest diamond bearing occurrences in the world.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: DIANOR RESOURCES INC.
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