Diamond mining company Diamcor Mining is seeking to extend the closing date for the second tranche of its non-brokered revised private placement, following the successful closure of the first tranche on June 4.
Initially announced on May 1, the original offering was expected to be oversubscribed. Consequently, Diamcor is seeking additional time to finalize documentation and other required items for several additional interested investors.
The second and final tranche of the offering is now expected to close on or before June 27.
The first tranche, as previously announced, comprised 28.12 million units priced at C$0.05 each, generating approximately C$1.4 million in proceeds.
Each unit consists of one class A common share in the company’s authorized capital and one non-transferable share purchase warrant.
Each warrant entitles the holder to acquire one additional class A common share at an exercise price of C$0.075 for a period of 36 months following the closure of the first tranche.
Proceeds from the offering will be used for the continued advancement of the company’s Krone-Endora at Venetia project, current work programs, efforts surrounding drilling and bulk sampling on larger portions of the project, and the pursuit of potential acquisitions aimed at increasing long-term shareholder value and growth. Funds will also support general corporate purposes.
On June 19, Diamcor announced plans to continue advancing discussions with financiers and industry-related parties regarding additional funding scenarios that could further support these objectives.
