Diamcor Raises Money to Pay for Krone-Endora

Diamcor Mining Inc. announced Friday that it intends to complete a private placement financing of up to one million dollar by selling up to 2.5 million at a price of $0.40 per unit.

Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle to acquire one additional common share at an exercise price of $0.60 for a period of two years from the closing date.

The company said the money it raises from the sale will be used in part to fund some the purchase of the Krone-Endora alluvial diamond deposit, if it reaches a purchase agreement with De Beers Consolidated Mines.

The deposit consists of prospecting rights over the farms Krone 104 and Endora 66, both located adjacent to the De Beers Venetia Diamond Mine in the Limpopo Province of South Africa.