Diamond Fields Announces Closing Date for $1,000,000 Financing and Effective Date for 5:1 Consolidation
21.09.2016 | Newsfile
Vancouver, September 21, 2016 - Diamond Fields International Ltd. (TSXV: DFI) ("DFI" or the "Company") announces further to its News Releases dated August 29 and 30, 2016 that the TSX Venture Exchange has conditionally accepted the Company's financing for gross proceeds of $1,000,000, subject to completion of the 5:1 consolidation.Accordingly, DFI will commence trading on a post-consolidated basis at market open on Thursday, September 22, 2016 (the "Effective Date"). A Letter of Transmittal is being mailed to registered shareholders with instructions on how to exchange old share certificate(s) for new share certificate(s) of DFI. There will is no change of name with this consolidation.
The Company will close the $1,000,000 financing on a post-consolidated basis on Friday, September 23, 2016 by the issuance of 10,666,667 post-consolidated Units to Spirit Resources SARL (a private company controlled by Jean-Raymond Boulle) at a post-consolidated price of $0.09375 per Unit. Each Unit will be comprised of one post-consolidated common share and one post-consolidated warrant (the "Warrant"), each Warrant entitling the holder to purchase one additional post-consolidated share at an exercise price of $0.125 per share for five years from the date of issuance. These shares, including any that may be issued on exercise of the Warrant, will be subject to a hold period under applicable Canadian securities laws expiring on January 24, 2017, and may be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
Prior to the financing and consolidation Mr. Boulle owned, directly and indirectly, a total of 141,252,432 pre-consolidated common shares of the Company, representing 77% of the Company's current 183,391,659 pre-consolidated issued and outstanding share capital. After closing of the financing and completion of the consolidation, Spirit will own (excluding any shares that he may acquire on exercise of the Warrant to be issued in connection with the financing) 38,917,153 common shares, representing 82.2% of the Company's then 47,344,999 issued and outstanding share capital, as well as the Warrant.
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: "Sybrand van der Spuy"
Sybrand van der Spuy, CEO and Director
Contact:
Earl Young at +1 214 566 3709
Website: www.diamondfields.com
The Company's public documents may be accessed at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.