Diamond Fields International Ltd. has
closed the private placement of shares through Ferris, Baker Watts Inc.
reported May 3, 2007, in Stockwatch. The private placement was fully
subscribed and accordingly the company issued a total of 66,666,666 common
shares at a price of 15 U.S. cents per share for gross proceeds of
$10-million (U.S.). The company will pay total of $600,000 (U.S.) in placement
agent fees for the private placement and financial advisory fees, representing
6 per cent of the gross proceeds of the private placement.
Net proceeds of the private placement will be applied toward advancing
the company’s exploration projects and for general working capital.
All shares issued under the private placement are subject to a four-month
hold period in Canada expiring on Sept. 16, 2007, in addition to any other
restrictions imposed by foreign securities laws.
