Diamcor Mining (DMI-T) closes $1.98-million private placement
June 17, 2013 - News Release
Diamcor Mining Inc. has closed the non-brokered private placement announced on June 4, 2013. The previously announced Offering of up to 1,500,000 units at a price of $1.25 per Unit was oversubscribed, with the Company issuing 1,587,784 units at a unit price of $1.25 per Unit for gross proceeds of $1,984,730. Each Unit consists of one common share (a "Share") of the Company and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one Share at an exercise price of $1.75 per share until the close of business on June 17, 2016. Securities issued pursuant to the Offering will be subject to a hold period ending on October 18, 2013. Upon closing the Offering, the Company has 35,142,678 shares issued and outstanding. The Proceeds from the Offering will be used for operating capital to support the continued advancement of the Company's Krone-Endora at Venetia Project, planned ramping up of operations currently underway, the continued processing of material aimed at recovering additional rough diamonds for planned sales in the short-term, and for general and corporate purposes.
The Company will pay aggregate finder's fees of seven per cent (7%) in respect of an aggregate of $438,320 invested under the Offering, for total finder's fees of $30,682.40 in cash. The Company will also issue an aggregate of 24,546 broker warrants exercisable to purchase up to 24,546 Shares of the Company at a price of $1.75 per Share until June 17, 2016. In accordance with the policies of the TSX Venture Exchange, the broker warrants are non-transferable. Common shares issued upon exercise of the broker warrants will also be subject to a hold period ending on October 18, 2013.
We seek Safe Harbor.
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Diamcor Mining recovers 11.23-carat diamond at Krone-Endora
May 28, 2013 - News Release
Diamcor Mining Inc. has recovered the first special diamond in the plus-10.8-carat category from its Krone-Endora at Venetia project. The recovery of the very good quality 11.23-carat diamond occurred during recent processing of material in the plus-1.0-millimetre to minus-12.0-millimetre size fraction through the previously announced expanded quarrying and in-field screening operations at the project. In addition to the recovery of the first diamond in the special category, a total of approximately 2,464 carats have also been recovered from the limited processing completed, with the largest non-special diamond being recorded at 8.66 carats in size. "The recovery of a diamond of this size and quality further confirms the potential of the project to produce large, quality diamonds," commented Dean Taylor, president and chief executive officer of Diamcor. "To have it occur so quickly based on the limited processing of material mainly up to 12.0 millimetres in size is also very promising," commented Mr. Taylor.
As was widely reported, the region experienced very heavy rainfall throughout the first quarter of 2013. These unusual rain levels had not been recorded in the area for over 200 years. In addition to flood damage to roads, fences and properties in the area, including Krone-Endora, the excessive rains have proved challenging for mining operations, resulting in the delays and in some cases the suspension of normal mining operations. At the Krone-Endora mine site, stockpiles of larger material in the plus-12.0-millimetre size fractions targeted for processing in the first quarter could not be processed effectively through the in-quarry dry-screening plant, and the processing of other size material was also greatly limited due to these rains.
"While the significant rains delayed our efforts to advance the project as quickly as desired and limited our ability to process material at levels targeted in the short term, operations are now returning to normal," noted Mr. Taylor. "We're now focusing on ramping up operations and are excited about the prospect of processing larger-size material."
As previously announced on March 13, 2013, the company successfully completed the desired procurement, delivery, construction and installation of the vast majority of equipment and infrastructure required to significantly expand the quarrying and in-field dry-screening operations at the project. These upgrades were part of the company's final preparations in anticipation of a planned move to 24-seven operations in the near future and were completed as budgeted through the previously announced $4.0-million in additional financing from its long-term strategic alliance partner Tiffany & Co. Canada, a subsidiary of world-famous Tiffany & Co., based in New York. The expanded quarrying and in-field screening operations are designed to provide significant operational cost savings and efficiencies over the long term of the project through the removal of an estimated 60 per cent to 65 per cent of fine material (minus-1.0-millimetre in size) at the quarry through a dry-screening process. Production capacities of the expanded facilities are designed to exceed those of the main processing plant to allow for the stockpiling of treated and screened materials at the main processing plant. With the fine material removed, screened material stockpiled at the plant would not be affected by rains in the future. The delays caused by the unusual rains in the first quarter of 2013 were a result of unfortunate timing in that material recovered from the quarry was not able to be processed through the expanded in-field dry-screening operations prior to being saturated by the rains; thus no stockpile of previously screened material was available at the main plant for processing as would be expected under normal operations. |
