Diamcor Announces Conversion of Convertible Debenture
09 4월 2013 - 10:04AM
OTC Markets
KELOWNA, April 8, 2013 – Diamcor Mining Inc.
(TSX-V.DMI) (the “Company”) is pleased to announce that pursuant
to the terms of the $2,000,000 convertible debenture (“Convertible
Debenture”), originally issued to its strategic alliance partner,
Tiffany & Co. Canada (“Tiffany”), a subsidiary of Tiffany &
Co., in March 2011, the Company has exercised its right to convert
the principal and accrued interest into Company common
shares. The
Convertible Debenture was part of a $5,500,000 long term financing
with Tiffany, as announced on March 29, 2011. The Company has converted a total
amount of $2, 295,920.25 inclusive of principal and accrued
interest at the stipulated conversion rate of $0.75 per Company
common share, resulting in a total issuance of 3,061,227 Company
common shares to Tiffany. The hold period applicable to the
shares issued upon conversion of the Convertible Debenture expired
four months and one day from the date of issuance of the
Convertible Debenture.
Strategic Tiffany & Co.
Alliance:
As announced on March 29, 2011, the Company has
established a long-term strategic alliance and first right of
refusal with Tiffany & Co. Canada, a subsidiary of world famous
New York based Tiffany & Co., to purchase up to 100% 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 substantial financing to advance the
Project as quickly as possible. Tiffany & Co. is a publically
traded company which is listed on the New York Stock Exchange under
the symbol TIF.
Originally founded in 1837, the Tiffany’s name is now globally
recognised as one of the premier luxury jewellery and specialty
retailers in the world. Through Tiffany & Co. and
various other subsidiaries, the company is engaged in product
design, manufacturing, and retailing activities on a global
basis. As of January
31, 2013 Tiffany & Co. operated 275 stores and boutiques in the
Americas, Japan, Asia-Pacific, and Europe and engages in direct
selling through internet, catalog and business gift operations. For
additional information on Tiffany & Co., please visit their
website at www.tiffany.com.
About Krone-Endora at Venetia:
On February 28, 2011, Diamcor successfully acquired
the Krone-Endora at Venetia Project from De Beers Consolidated
Mines Limited, consisting of the prospecting rights over the farms Krone 104 and
Endora 66, which represent a combined surface area of approximately
5,888 hectares directly adjacent to De Beers’ flagship Venetia
Diamond Mine in South Africa. De Beers previously completed
various exploration efforts on initial areas of interest comprised
of approximately 307 hectares, a summary of which was reported in
an initial Independent NI 43-101 Technical Report filed by the
Company on July 30, 2009. The deposits which occur on the
properties of Krone and Endora have been identified as a rare,
higher-grade “Alluvial” basal deposit which is covered by a
lower-grade upper “Eluvial” deposit. The deposits are proposed to be
the result of the direct-shift (in respect to the “Eluvial”
deposit) and erosion (in respect to the “Alluvial” deposit) of an
estimated combined 1,000 m (1 km) of material from the higher
grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora
occur in two layers with an average total depth of less than 15.0
metres from surface to bedrock, allowing for a very low-cost mining
operation to be employed with the potential for near-term diamond
production from a known high-quality source. Krone-Endora also benefits from
the significant development of infrastructure and services already
in place due to its location directly adjacent to the Venetia
Mine. Since acquiring
Krone-Endora the Company has completed the construction and
installation of extensive infrastructure at the Project, along with
the installation of a purpose built modular processing plant, and
an extensive quarrying and in-field screening
operations.
Commissioning of the processing plant is now complete, and the
Company’s current efforts are designed to be a continuation of the
ongoing advancement of the Project, and as part of the Company’s
final preparations in anticipation of a planned move to 24/7
operations in the near future.
About Diamcor
Mining Inc:
Diamcor Mining Inc. is a fully
reporting publically traded junior diamond mining company which is
listed on the TSX Venture Exchange under the symbol V.DMI, and on
the OTC QX International under the symbol DMIFF. The Company
has a well-established operational and production history in South
Africa, and extensive experience supplying rough diamonds to the
world market. Rather than exposing itself to the high risks
and costs associated with exploration, the Company’s focus is on
the identification, acquisition, and operation of unique diamond
projects with near-term production potential such as the
Krone-Endora at Venetia Project. For additional information on
Diamcor, please visit our website at www.diamcormining.com.
On behalf of the Board of Directors
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com
Phone:
(250) 864-3326
Website:
www.diamcormining.com
This press release contains certain forward-looking
statements. While
these forward-looking statements represent our best current
judgement, they are subject to a variety of risks and uncertainties
that are beyond the Company’s ability to control or predict and
which could cause actual events or results to differ materially
from those anticipated in such forward-looking
statements. Further,
the Company expressly disclaims any obligation to update any
forward looking statements. Accordingly, readers should not
place undue reliance on forward-looking statements. This news release is not for
dissemination in the United States, to “U.S. Persons” or to United
States of America news services.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Diamcor Mining (QB) (USOTC:DMIFF)
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Diamcor Mining (QB) (USOTC:DMIFF)
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