Diamond Frank Exploration Closes a $444,000 Private Placement
08.12.2011 | Marketwire
LAVAL, Dec. 8, 2011 - Diamond Frank Exploration Inc. («Diamond Frank») (TSX VENTURE: DOD) announces the closing of a non-brokered private placement, today December 8th 2011, for a total gross proceeds of CAN$444,000 (the "Placement"). In connection with the Placement, Diamond Frank Inc. issued a total of 444 units (the "Units") at a price of $1,000 per Unit.The Placement is comprised of 3,552,000 flow-through common shares at a price of $0.10 per share, 1,479,852 common shares at a price of $0.06 per share and 1,479,852 subscription warrants. Each warrant grants its holder the right to purchase one (1) common share of Diamond Frank Exploration Inc. at the price of $0.15 per share for a period of 12 months following the closing date or expiring on the 20th day after a press release announcing the terms of early expiry of the warrants is published by the Company, providing that the closing price of Diamond Frank's shares exceeds $0.20 per share for a period of 5 consecutive trading days following the four-month-and-one-day period following the closing date.
Under the Placement, Diamond Frank will pay a cash commission of $6,600.
The securities issued under this Placement will be subject to a four-month and one day hold period expiring on April 9, 2012. This placement is subject to the approval of the TSX Venture Exchange.
The proceeds of the Placement will be used to finance the Company's exploration work on its properties and for general working capital.
The common shares of Diamond Frank Exploration Inc are listed on the Venture Stock Exchange under the symbol "DOD".
Forward-Looking Statements
This news release contains statements that 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 Diamond Frank. 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 Diamond Frank will derive therefrom. Forward-looking information is based on the estimates and opinions of Diamond Frank at the time the information is released and Diamond Frank 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. Neither 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.
Contact Information
Diamond Frank Exploration Inc.
David Mc Donald, President and CEO
450-622-5785
450-622-4337 (FAX)
info@diamondfrank.com
www.diamondfrank.com