TORONTO, May 13 /CNW/ - BRC DiamondCore Ltd. (the "Company") (TSX - BCD)
(JSE - BCD) announces that it proposes to carry out a non-brokered
private placement of up to 2,500,000 units of the Company at a price of
Cdn$0.10 per unit for proceeds to the Company of up to Cdn$250,000.
Each such unit is to be comprised of one common share of the Company
and one warrant of the Company, with each such warrant entitling the
holder to purchase one common share of the Company at a price of
Cdn$0.11 for a period of three years. Closing of this financing (the
"Financing") is subject to receipt of all necessary approvals,
including the approval of the Toronto Stock Exchange. The Company
intends to use the proceeds from the Financing for general corporate
purposes. Directors and officers of the Company are the proposed
subscribers under the Financing.
BRC DiamondCore Ltd. is an African-focused diamond explorer with
projects in the Democratic Republic of the Congo (the "DRC"). Led by a
management team with extensive experience in diamond exploration and
mine development, the Company works in a systematic and responsible
manner to discover, assess and develop diamond resources for the
benefit of its shareholders and local stakeholders.
Forward-Looking Information: Statements in this press release announcing the proposed Financing are
forward-looking information within the meaning of applicable Canadian
securities laws. Forward-looking information is subject to a number of
risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially
from current expectations include, among other things, failure to
complete the proposed Financing, the need to satisfy regulatory and
legal requirements with respect to the proposed Financing, risks
related to the exploration stage of the Company's projects, political
developments in the DRC, market fluctuations in prices for securities
of exploration stage companies, uncertainties about the availability of
additional financing, changes in equity markets, changes in commodity markets, and the other
risks involved in the mineral exploration business. Forward-looking
information speaks only as of the date on which it is provided and,
except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking
information, whether as a result of new information, future events or
results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future performance
and accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
SOURCE BRC DiamondCore Ltd.
For further information:
please visit our website, www.brc-diamondcore.com, or contact:
In Toronto: Arnold T. Kondrat, Director, (416) 366-2221 or 1-800-714-7938.
In Johannesburg: Brian P. Scallan, Vice President, Finance, +27 82 902 6273 or +243 991772978