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Diamond Fields Announces C$1,000,000 Debt and Equity Financing
Diamond Fields Announces C$1,000,000 Debt and Equity Financing Canada NewsWire V...
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nDiamond Fields Announces C$1,000,000 Debt and Equity Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 15, 2020\n\n\n\nVANCOUVER, Jan. 15, 2020 /CNW/ - Diamond Fields Resources Inc. (TSX-V: DFR) (\"DFR\" or the \"Company\") announces that it has signed a binding term sheet to raise C$1,000,000 in working capital from Albert C. Gourley, Non-Executive Chairman, and its major shareholder, Spirit Resources SARL (\"the Lenders\"). \nEach Lender will subscribe for C$100,000 worth of common shares at an issue price of C$0.20 per Common Share and advance the Company C$400,000 at an interest rate of 10% repayable on 31 December 2020 (\"the Loan\") giving the Company working capital of C$1,000,000 in aggregate. \nThe Loan may be repaid earlier in the event that the Company and its subsidiaries: complete an equity financing or otherwise receive funding, payments or income equal to C$1,000,000; or the Company's Namibian subsidiary receives authorisation from the Bank of Namibia to remit not less than US$500,000 from Namibia (which the Company expects to receive in 2020). \nAs the Lenders are insiders of the Company, the Loan and the issuance of the Common Shares will constitute related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (\"MI 61-101\"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and (b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation. The material change report in relation to the transactions described herein may be filed less than 21 days before closing as the Company intends to complete as soon as is commercially feasible.\nThe transaction is subject to approval of the TSX Venture Exchange.\nThe Common Shares will be subject to a four month hold period.\nNotes to Editors:\nDFR is a TSX Venture Exchange listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravi...