NEWS VAL-D'OR, CANADA--(Marketwire - March 5, 2012) - Dianor Resources Inc. (TSX VENTURE:DOR)(OTCQX:RSDNF) wishes to announce that it has entered into a forbearance agreement with 1778778 Ontario Inc. with respect to the mortgage on the surface rights on the Leadbetter Diamond Property entered into in October, 2008. The full amount of the mortgage was $5,000,000.00; to date the Company has paid $2,550,000. The balance of the mortgage to be paid under the forbearance agreement is $2,450,000 plus accruing interest and other fees.
A forbearance agreement was also signed with Third Eye Capital Inc. for the payment of $1,279,662.21 plus accruing interest and other fees arising from the $10M credit facility entered into in August, 2010.
On Friday, March 2, 2012, the Company signed a term letter for a $5,000,000 secured bridge loan with a US entity. The loan will be structured for a one to three year period at 12% interest only, with two points paid to the lender at closing as an administration fee. Subject to successful due diligence on the part of the lender, completion of this loan will allow the Company to pay off senior debt as per the forbearance agreements. The Company is actively pursuing other funding opportunities to finance the planned 50,000 tonne bulk sample of the Leadbetter Diamond Deposit.
Dianor would like to thank Third Eye Capital Inc and 1778778 Ontario Inc. for the forbearance agreements, which allow the Company to continue evaluating funding opportunities.
Dianor Resources Inc. regrets to announce the resignation of Pierre Paquette, for personal reasons. Pierre has been a Board member since 2002, and has played an integral role in the development of the Company. Dianor wishes to thank Mr. Paquette for his long years of service to the Company and to shareholders.
Mr. Jim Steel P.Geo is the Qualified Person for the technical content of this press release.