By Marisa Wong
Milwaukee, June 4 - Diamond Frank Exploration Inc. announced it raised C$1.03 million through a non-brokered private placement of units. The deal closed on June 3, according to a news release.
Diamond Frank sold 1,031 units at C$1,000 each. Each unit consists of 7,142 common shares at C$0.14 per share and 7,142 warrants. Each warrant entitles the holder to purchase one common share at C$0.25 per share for a period of 24 months following closing.
Should the closing price of Diamond Frank shares for a period of 10 trading days be greater than or equal to C$0.35, the warrants will expire 30 days after the receipt of a notice from Diamond Frank.
Under the terms of this placement, the company issued a total of 7,363,402 common shares and 7,363,402 warrants.
The company expects to close a second tranche of the offering shortly.
Proceeds of the placement 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 7,142 common shares and 7,142 warrants
|
| Amount: | C$1,031,000
|
| Units: | 1,031
|
| Price: | C$1,000
|
| Shares: | 7,363,402
|
| Share price: | C$0.14
|
| Warrants: | 7,363,402; each warrant for purchasing one common share
|
| Warrant expiration: | 24 months, unless Diamond Frank shares close at or above C$0.35 for 10 trading days
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Settlement date: | June 3
|
| Stock symbol: | TSX Venture: DOD
|
| Stock price: | C$0.13 at close June 4
|
| Market capitalization: | C$2.81 million
|
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