Further to Diamond Fields International Ltd.’s news in Stockwatch on Dec. 18, 2006, and Jan. 24, 2007,
regarding DFI’s rights offering to its shareholders resident in Canada and in
eligible offshore jurisdictions, a total of 28,036,629 common shares of the
company were subscribed for at a price of nine cents per share for total proceeds of approximately $2,523,297.
Pursuant to the standby guarantee agreement entered into between Spirit
Resources SARL and the company in connection with the rights
offering (as announced in Stockwatch on Sept. 1, 2006),
of the approximately $2,523,297 raised in the rights offering, a total of
$1,761,825.96 was provided by Spirit through the exercise of its basic and
additional subscription privileges for the issue of 19,575,844 shares under
the rights offering. Spirit is controlled by DFI’s major shareholder,
Jean-Raymond Boulle, who, following completion of the rights offering,
beneficially holds, directly or indirectly, 38,174,305 common shares of the
company representing approximately 27 per cent of the company’s 141,332,646 issued and
outstanding shares.
As disclosed in detail in the company’s rights offering circular dated
Dec. 14, 2006, the proceeds from the rights offering have been or will be
used to finance the completion of the company’s mining vessel dry docking,
upgrade and maintenance program, to continue the Liberian diamond and gold
exploration projects, to pay for the expenses of the rights offering and for
general working capital and administrative expenses.
The board of directors of the company wishes to thank its shareholders
who participated in and contributed to the success of the rights offering.
