Post by
Ridgeback on Jul 28, 2010 9:35am
Now ready to drill!
Diadem closes $1-million financing
Ticker Symbol: C:DRL
Diadem closes $1-million financing
Diadem Resources Ltd (2) (C:DRL)
Shares Issued 39,349,014
Last Close 7/27/2010
.15
Wednesday July 28 2010 - News Release
Mr. Aime Bertrand reports
DIADEM CLOSES FLOW-THROUGH EQUITY FINANCING OF $1,000,000 AND UPDATES PROGRESS OF JOINT VENTURE
Diadem Resources Ltd. has received TSX Venture Exchange approval and has closed (effective July 27, 2010) the recently announced financing arrangement with MineralFields Group for a new flow-through private placement to raise $1-million through the sale of 6.25 million units at 16 cents per unit all as more particularly described in Diadem's news release of July 20, 2010, which was filed under its company profile on SEDAR.
In connection therewith, finder's fee compensation was paid in the amount of $60,000 cash and 500,000 Options, each Option entitling the holder to purchase one Unit at a price of
.16 per Unit until July 27, 2012. Each Unit is comprised of one common share of Diadem and one-half of one non-transferable share purchase Warrant entitling the holder thereof to purchase one common share of Diadem at an exercise price of
.20 per share until July 27, 2011, and thereafter at an exercise price of
.30 per share until July 27, 2012.
All securities issued are subject to a minimum hold period of four (4) months from the date of the closing of the private placement.
As a result of this closing, the Company currently has outstanding 45,599,014 common shares. On a fully-diluted basis and after giving effect to the exercise of all outstanding share purchase warrants (including those issued pursuant to this private placement) and incentive stock options granted under its stock option plan the Company has 71,778,561 common shares outstanding.
The gross proceeds of this placement will be used for exploration purposes in relation to the Company's joint venture, with its fifty percent (50%) partner Darnley Bay Resources, which is focussed on diamond exploration in the Franklin Bay area of the Northwest Territories.
Diadem is pleased to announce that the summer drilling program in relation to such joint venture is expected to commence in early August, 2010 from a shared camp with Darnley Bay Resources located near the Franklin Bay joint venture project area on the Parry Peninsula in the Northwest Territories.
Comment by
blueeagle1 on Jul 28, 2010 1:44pm
Simon says...let's hit Le Jaquespotty....https://www.prestigeproperty.co.uk/