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Star Diamond Corporation announces Closing of Private Placement

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by ahnationtalk on December 6, 2019123 Views

December 5, 2019

Star Diamond Corporation (TSX:DIAM) (“the Corporation”) is pleased to announce the successful closing of a $5.1 million private placement of 18,201,274 Flow-Through Common Shares at a price of $0.28 per Flow-Through Common Share (the “Offering”).

The proceeds from the sale of the Flow-Through Common Shares will be used by the Corporation to incur Canadian exploration expenses (“Qualifying Expenditures”) prior to December 31, 2020. The Corporation will renounce the Qualifying Expenditures to subscribers of Flow-Through Common Shares for the fiscal year ended December 31, 2019.

The Corporation issued Red Cloud Securities, acting as finder in connection with the Offering (“Finder”), Common Shares from treasury equal to 5%, and also issued the Finder warrants equal to 5%, of the number of Flow-Through Common Shares attributable to the Finder pursuant to the Offering (the “Finder’s Warrants”). In relation to the Offering, the Corporation issued 910,064 Common Shares and 910,064 in Finder’s Warrants exercisable at any time up to twenty-four months following the closing of the Offering at $0.35 per share. All securities issued pursuant to the Offering are subject to a four month hold period in accordance with applicable securities laws and exchange regulations. The Offering is subject to TSX acceptance of requisite regulatory filings. Insiders did not participate in the Offering.

Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol “DIAM”.


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