On Jan. 6, 2016, the TSX Venture Exchange accepted Diamond Fields International Ltd.’s private placement for gross proceeds of $300,000 (U.S.) ($419,070 (Canadian) from its major shareholder, Spirit Resources SARL.
Accordingly, on Jan. 11, 2016, the company issued 41,907,000 common shares at one cent per share. These shares are subject to a hold period under applicable Canadian securities laws expiring on May 12, 2016, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
Prior to the financing Spirit owned, directly and/or indirectly, a total of 99,345,432 common shares of the company, representing 71.9 per cent of the company’s 138,219,009 issued and outstanding share capital, together with a warrant entitling Spirit to purchase up to eight million common shares at 10 cents per share, exercisable on or before May 14, 2016. On closing of the financing, Spirit now owns 141,252,432 common shares, representing 78.4 per cent of the company’s current 180,126,009 issued and outstanding share capital, as well as the warrant.
