Diamcor raises CDN$5,820,700 through private placement

Diamcor Mining Inc. noted that, further to its announcement last month of a brokered private placement financing of up to 4,545,455 units, it has raised CDN$5,820,700. The offering closed with an oversubscription of 746,090 units resulting in the issuance of an aggregate 5,291,545 units. Over 90 percent of the units were acquired by institutional investors.

Proceeds from the offering will be used for the acquisition of additional operational equipment and materials to support the continued advancement of the company’s Krone-Endora at Venetia project, and for general and administrative purposes.

The offering is subject to the approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering will be subject to a hold period of four months plus one day following the date of issuance.

Diamcor has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of Tiffany & Co., to purchase up to 100 percent of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project.