DMDD Engages IBK Capital to Raise US$1.5 Million
2/2/2005 4:56:00 PM
VANCOUVER, British Columbia, Feb 2, 2005 (BUSINESS WIRE) -- Diamond Discoveries International Corp. is pleased to confirm the appointment of IBK Capital Corp of Toronto, Canada as its placement agent and advisor with respect to the sourcing and structure of a proposed US$1.5 million capital financing.
The US$1.5 Million funding will be primarily used for the next stage of exploration. The Company plans on completing the 10,000 foot drill program with resulting analysis of kimberlite core samples. The drilling is oriented to testing the inferred kimberlite pipes, primarily the Round Lake Pipe and the central core of the Champagne Pipe. Several other suspected pipes will be drilled. The Company will also complete one half tonne mini bulk samples of exposures of the many kimberlite and aillikite dykes and various exposed phases of the Champagne Pipe.
The structure of the financing will be determined in the coming weeks after recommendations from IBK have been submitted to the board of DMDD.
IBK Capital Corp. is an independent, privately owned investment banking firm which offers a full range of services such as merger, acquisition and divestiture advisory, business valuations, fairness opinions, project financing and private placements of equity and debt. Its core competencies are raising capital for emerging companies and assisting them in achieving their capital markets and corporate development objectives.
Since its inception in February 1989, IBK Capital has established an enviable track record as an independent Canadian financial advisory firm, having played a role in transactions with a combined value of approximately $4 billion. IBK Capital successfully completed numerous financial advisory engagements including raising capital for many senior and junior companies. Companies serviced by IBK Capital are active primarily in the natural resources and technology sectors.
ON BEHALF OF THE BOARD
"John Kowalchuk"_____________
John Kowalchuk P.Geo., President & CEO
About Diamond Discoveries International Corp.
Diamond Discoveries International Corp (DMDD) is an US exploration company with executive offices in Vancouver, B.C. Through its wholly owned subsidiary Diamond Discoveries (Canada) Inc. it controls certain mineral permits in the Torngat Mountains Peninsula, northeastern Quebec. The Company is focused on exploring for diamonds. The Company has located more than 50 kimberlite dykes and several kimberlite pipes. Next spring, they plan on actively sampling the targeted areas for diamonds both by bulk sampling and core drilling.
SOURCE: Diamond Discoveries International Corp.
Diamond Discoveries International Corp.
Mr. John Kowalchuk, 604-683-1368
T.F: 866-400-1368
Fax: 604-685-6905
jkowalchuk@diamonddiscoveries.com
or
www.diamonddiscoveries.com
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