Diamcor Receives Final TSX Venture Exchange Approval - Closes $4.0 Million Financing
22 Novembre 2012 - 9:33PM
OTC Markets
KELOWNA, November 22, 2012 – Diamcor Mining Inc.
(TSX-V.DMI) (the “Company”) is pleased to announce that the
$4,000,000 financing from its long-term strategic
alliance partner, world famous premier luxury jewellery and
specialty retailer Tiffany & Co. (“Tiffany”), as previously
announced on November 16, 2012, has received final TSX Venture
Exchange approval and accordingly, closed. The $4,000,000 in financing is
provided by Tiffany’s subsidiary, Tiffany & Co. Canada, via a
$2,400,000 term loan (the “Term Loan”) and a $1,600,000 convertible
debt debenture (the “Convertible Debenture”).
The Term Loan has a fixed rate of interest of 9% and
is secured by a promissory note (the “Promissory Note”) which is
non-amortizing until January 20, 2014, at which time principal and
interest is payable monthly until maturity on December 20,
2016. The Company has
the right to repay the outstanding principal and any accrued and
unpaid interest due under the Promissory Note at any time without
notice or penalty.
The Convertible Debenture has a fixed rate of interest
of 9% per annum, and is non-amortizing until January 20, 2014,
following which time principal and interest is payable monthly in accordance
with a 36 month amortization schedule until maturity on December
20, 2016. The Company has the right to repay the outstanding
principal and any accrued and unpaid interest, without penalty, on
not less than 30-days’ notice and subject to the conversion rights
contained in the Convertible Debenture. Under the conversion rights
of the Convertible Debenture, Tiffany & Co. Canada may convert
the principal amount of $1,600,000, along with any accrued and
unpaid interest due at that time, in whole or in part, into Class A
Common Shares (the “Shares”) of the Company at a conversion price
of CAD $1.60 per Share. Under the conversion scenario, a
maximum of 1,090,000 Shares in the Company would potentially be
issued. Any Shares
issued upon the conversion of any amounts due under the Convertible
Debenture will be subject to a hold period which expires four
months and one day from the date of issuance of the Convertible
Debenture.
The sourcing, negotiation and successful completion of
this additional financing transaction with Tiffany & Co. were
completed by the Company’s management and directors. As a result no brokerage or
finder’s fees were incurred by the Company.
About Diamcor
Mining Inc:
Diamcor Mining Inc. is a fully
reporting publically traded junior diamond mining company which is
listed on the TSX Venture Exchange under the symbol V.DMI, and on
the OTC QX International under the symbol DMIFF. The Company
has a well-established operational and production history in South
Africa, and extensive experience supplying rough diamonds to the
world market. Rather than exposing itself to the high risks
and costs associated with exploration, the Company’s focus is on
the identification, acquisition, and operation of unique diamond
projects with near-term production potential such as the
Krone-Endora at Venetia Project. For additional information on
Diamcor, please visit our website at www.diamcormining.com.
On behalf of the Board of Directors
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com
Phone:
(250) 864-3326
Website:
www.diamcormining.com
This press release contains certain forward-looking
statements. While
these forward-looking statements represent our best current
judgement, they are subject to a variety of risks and uncertainties
that are beyond the Company’s ability to control or predict and
which could cause actual events or results to differ materially
from those anticipated in such forward-looking
statements. Further,
the Company expressly disclaims any obligation to update any
forward looking statements. Accordingly, readers should not
place undue reliance on forward-looking statements. This news release is not for
dissemination in the United States, to “U.S. Persons” or to United
States of America news services.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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