Company raises proceeds for exploration work, general working capital
By Devika Patel
Knoxville, Tenn., Oct. 6 - Diamond Frank Exploration Inc. said it completed a private placement of units. BayFront Capital Partners Ltd. was the agent for the C$3 million deal.
The company sold 12 million units at C$0.25 apiece. Each unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.32 for 18 months. The strike price is a 36.17% premium to C$0.235, the Oct. 5 closing share price.
Proceeds will be used to finance the company's exploration work on its Quebec properties and for general working capital.
Laval, Quebec-based Diamond Frank is a mineral exploration company.
| Issuer: | Diamond Frank Exploration Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 12 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.32
|
| Agent: | BayFront Capital Partners Ltd
|
| Settlement date: | Oct. 6
|
| Stock symbol: | TSX Venture: DOD
|
| Stock price: | C$0.23 at close Oct. 6
|
| Market capitalization: | C$7.61 million
|
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