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Diamond Fields Announces Completion of C$1,000,000 Debt and Equity Financing
Diamond Fields Announces Completion of C$1,000,000 Debt and Equity Financing Canad...
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nDiamond Fields Announces Completion of 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, Feb. 13, 2020\n\n\n\nVANCOUVER, Feb. 13, 2020 /CNW/ - Diamond Fields Resources Inc. (TSX-V: DFR) (\"DFR\" or the \"Company\") announces that it has completed the C$1,000,000 working capital financing announced on 15 January 2020.\nPursuant to such financing, Albert C. Gourley Professional Corporation, and DFR's major shareholder, Spirit Resources SARL, (the \"Lenders\") have each subscribed for 500,000 common shares of the Company (the \"Common Shares\") at an issue price of C$0.20 per Common Share for aggregate proceeds of C$100,000 per Lender. The Common Shares are subject to a four month hold period.\nThe Lenders have also each advanced the Company a loan in the principal amount of C$400,000 at an interest rate of 10% repayable on 31 December 2020. The loans 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.\nThe transaction is subject to final approval of the TSX Venture Exchange.\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 Beravina Project in cooperation with Denham Mining Fund LP. Beravina is an advanced high-grade hard rock zircon exploration prospect located in the west of the country, approximately 220km east of the port of Maintirano and near a state road. DFR acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, DFR continues to assess, amongst other things, the need for further exploration and development work in order to improve mining performance as part of an initial six month (non-continuous) offshore diamond mining program on its ML 111 licence area. The ML 111 concession ...