TORONTO, Jan. 23 /CNW/ - Arias Resource Capital Fund L.P. (the "Fund"),
announced that today it acquired 12,610,717 units of Dia Bras Exploration Inc.
(TSX-V: DIB) (the "Company") for aggregate proceeds of $756,643. The
acquisition is part of an acquisition by the Fund of an aggregate of
20,000,000 units (the "Units") to be issued in two tranches at a price of
C$0.06 per unit by way of a non-brokered private placement. Each Unit is
comprised of one common share of the Company (a "Common Share") and one Common
Share purchase warrant (each a "Warrant") exercisable for one Common Share at
an exercise price of $0.15 per share at any time during the eighteen month
period following the relevant closing date.
The second tranche, consisting of 7,389,283 Units for an aggregate
subscription price of $443,357, is expected to close on February 17, 2009,
subject to shareholder approval.
Taking into account the closing of the first tranche (which is part of
larger offering of 30,750,000 Units), the Fund now owns a total of 32,966,917
Common Shares. These shares represent 19.71% of the 167,251,269 Common Shares
issued and outstanding by the Company after the closing of the entire
offering. The Fund also owns warrants to purchase an aggregate of 9,812,500
Common Shares of the Company at an exercise price C$0.20 per share and
Warrants to purchase an aggregate of 12,610,717 Common Shares of the Company
at an exercise price C$0.15 per share.
If the second tranche subscription is approved by shareholders, the Fund
will hold 40,356,200 Common Shares representing 24.13% of such the outstanding
Common Shares. The Fund will also own warrants to purchase an aggregate of
9,812,500 Common Shares of the Company at an exercise price C$0.20 per share
and Warrants to purchase an aggregate of 20,000,000 Common Shares of the
Company at an exercise price C$0.15 per share.
The Fund acquired the Common Shares and Warrants for investment purposes
and may in the future increase or decrease its ownership of securities of the
Company from time to time depending upon the business and prospects of the
Company and future market conditions.
For further information:
For further information: Guillermo Kaelin, Vice-President, phone: (212)
266-8603, fax: (212) 266-8615, e-mail: firstname.lastname@example.org