Diamond Fields Resources Inc. has confirmed that, as per the announcement of Aug. 25, 2021, Spirit Resources SARL has exercised its share purchase warrants to acquire 10,666,667 Diamond Fields common shares at 12.5 cents per share for proceeds of $1,333,333.38. The funds received from the warrant exercise have been used to repay an existing $1-million (U.S.) loan, as well as interest amounting to $15,123 (U.S.) thereon, held by Spirit with the remaining funds received from the exercise to be used for working capital.
Early warning reports
As a result, Spirit now holds 64,161,990 common shares, representing approximately 80.6 per cent of the company’s issued and outstanding common shares. In connection with the transaction and founder investments referred to in the Aug. 25, 2021, press release and assuming all holders of Moydow warrants exercise such Moydow warrants prior to closing, Spirit will acquire a further 4,810,807 common shares of Diamond Fields, for a total shareholding of 68,972,797, representing approximately 42.8 per cent of the to be issued and outstanding common shares of the company after giving effect to the transaction, founder investments and assuming exercise of all the Moydow warrants. Spirit is acquiring the common shares of Diamond Fields for investment purposes. Depending on market and other conditions, Spirit may from time to time in the future increase or decrease its ownership, control or direction over Diamond Fields securities as circumstances warrant.
For the purposes of this notice, the head office of Diamond Fields is Lot 223, Le Mahe, Beau Vallon, 50810, Mauritius. In satisfaction of the requirements of National Instrument 62-104 — Take-Over Bids And Issuer Bids, and National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an early warning report in respect of acquisition of common shares of Diamond Fields by Spirit will be filed under the company’s SEDAR profile.
About Diamond Fields Resources Inc.
Diamond Fields is a TSX Venture Exchange-listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, Diamond Fields is developing the Beravina project, an advanced high-grade hard rock zircon exploration prospect located in the west of the country, approximately 220 kilometres east of the port of Maintirano and close to a state road. Diamond Fields acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, the company owns several offshore diamond mining licences, including the ML 111 concession, which has a 10-year mining licence, effective until Dec. 4, 2025. In 2018 and early 2019, mining undertaken by a contractor on the company’s ML111 licence area produced two parcels of rough diamonds totalling 47,318.41 carats.
