By Sheri Kasprzak
New York, Dec. 4 - Tahera Diamond Corp. wrapped a private placement of units for C$30 million.
The company sold 30 million units of one share as well as three series of warrants for 7,369,919 shares each, for a total of 22,109,757 shares, to Teck Cominco Ltd. as part of a strategic alliance between the two companies.
Each series A warrant is exercisable at C$1.20 through Nov. 30, 2007; each series B warrant is exercisable at C$1.35 through Nov. 30, 2008; and each series C warrant is exercisable for C$1.50 through Nov. 30, 2009.
Teck Cominco now holds 16% of Tahera's outstanding common shares.
Proceeds will be used for exploration and production on the company's Jericho Diamond Mine. The rest will be used for working capital.
Also, Tahera said it is deferring all payments on its credit facility with Tiffany & Co. until Sept. 30, 2007.
Based in Toronto, Tahera is a diamond exploration company.
| Issuer: | Tahera Diamond Corp.
|
| Issue: | Units of one share; three series of warrants
|
| Amount: | C$30 million
|
| Units: | 30 million
|
| Price: | C$1.00
|
| Warrants: | Series A for 7,369,919 shares; series B for 7,369,919 shares; series C for 7,369,919 shares
|
| Warrant expiration: | Nov. 30, 2007 for series A; Nov. 30, 2008 for series B; Nov. 30, 2009 for series C
|
| Warrant strike price: | C$1.20 for series A, C$1.35 for series B, C$1.50 for series C
|
| Investor: | Teck Cominco Ltd.
|
| Settlement date: | Dec. 4
|
| Stock symbol: | Toronto: TAH
|
| Stock price: | C$1.22 at close Dec. 4
|
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