Dianor Completes Closing of CDN$176,669 Draw Down Under Equity Line of Credit
VAL-D'OR, CANADA -- (Marketwire) -- 03/17/11 -- Dianor Resources Inc. (TSX VENTURE: DOR) (OTCQX: RSDNF) has completed a previously-announced (press releases February 28th 2011 and March 7th 2011) draw down of $176,669 under its equity line of credit with Kodiak Capital Group, LLC by issuing 3,533,380 common shares at a price of $0.05 per share. In addition, as previously announced, Dianor issued 91,603 shares in partial consideration for the equity line of credit.
Dianor will file a prospectus supplement with the applicable Canadian securities authorities qualifying the shares to be issued to Kodiak. When filed, the prospectus supplement will be available under Dianor's company profile on SEDAR at www.sedar.com. Dianor's base shelf prospectus dated September 13, 2010 is currently available on SEDAR.
Dianor also announces that it has received a statement of claim from the vendors of the Leadbetter property for the recovery of possession of diamonds recovered from the property prior to Dianor's acquisition of all the mineral interests in respect of the property in November 2008 or damages in the amount of $250,000. Dianor is currently examining its rights, including the opportunity to file an appearance before the Ontario Superior Court of Justice.
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has already transacted in excess of $500 million in financing for companies across a multitude of industries, including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America and Australia.
More information can be found at: www.kodiak-capital.com
About Dianor
Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project is its most advanced project and is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the project since 2005 and in May 2009, the Company received government approval to proceed with a 50,000 tonne bulk sampling programme of the 2.697 Ma old Archean Conglomerate. A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tonnes (press release July 24th 2007). In addition to diamonds, the conglomerate contains gold, sapphires and rubies (press release January 18th 2007). In 2008, additional diamond discoveries, including rare purple diamonds, were made by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, April 10th, & May 13th 2008) in Quebec. The Quebec diamond properties have increased our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Quebec) are both unique and amongst the oldest diamond-bearing occurrences in the world.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), or any state securities laws, and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward-Looking Statements
This news release contains statements that may constitute 'forward-looking information' or 'forward-looking statements' within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Dianor Resources Inc. ('Dianor'). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Dianor will derive therefrom. Forward-looking information is based on the estimates and opinions of Dianor's management at the time the information is released and Dianor does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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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.
Contacts:
Dianor Resources Inc.
Mr. John Ryder, P. Geo.
President
819-825-7090
819-825-7545 (FAX)
info@dianor.com
Dianor Resources Inc.
Mr. Daniel Duval
Chairman of the Board
819-825-7090
819-825-7545 (FAX)
info@dianor.com
www.dianor.com
Resultz Media Group Corp.
Mr. Tyler M. Troup, B.Comm
Senior Associate - RMG IR
877-301-9748
519-979-7820 (FAX)
Tyler@thinkRMG.com