Business
Diamond Fields Announces Equity Financing US$300,000
(via Thenewswire.ca) TheNewswire / January 4, 2016 - Diamond Fields International...
About this update from Dfr Gold Inc
[{"type":"text","content":"Diamond Fields Announces Equity Financing US$300,000(via Thenewswire.ca)\n \n \nTheNewswire / January 4, 2016 - Diamond Fields International Ltd. (TSX-V: DFI) announces that it has negotiated, subject to acceptance by the TSX Venture Exchange (\"TSX-V\"), a private placement for gross proceeds of US$300,000 (approximately Cdn$419,070) (the \"Financing\") from its major shareholder, Spirit Resources SARL (\"Spirit\"). \n\n \n \nUpon receipt of acceptance from the TSX-V to the Financing, the Company will issue approximately 41,907,000 common shares (the \"Shares\") to Spirit at a price of Cdn$0.01 per Share. \n\n \n \nProceeds raised from the Financing will be used as follows (amounts are estimates): \n\n \n \n-Service current corporate and statutory accounts for the next six months, including legal and concession development related travel costs, as well as exploration related expenses on the same, estimated to be US$150,000;\n\n \n \n-Maintain operational safety and site security on the Company's Valazoro concession in Madagascar, estimated to be US$20,500;\n\n \n \n-Conclude negotiations towards neutralising arbitration with the Government of Liberia on disputed concessions, estimated to be US$12,500;\n\n \n \n-Continue negotiations with the Government of South Africa towards re-addressing offshore concession costs in relation to on-shore costs. This in relation to DFI's claimed Phosphate concessions from the Southern Cape Coast of South Africa, estimated to be US$30,000;\n\n \n \n-Engaging with the Royal House of Saud on re-negotiating the Atlantis II project, estimated to be US$25,000;\n\n \n \n-Supporting DFI stake holding in its subsidiaries, Diamond Fields Namibia and Namibian Diamond Company in relation to offshore concession sampling operations with the DFN & NDC contracted mining partner, International Mining and Dredging Holdings. This will entail placing a qualified observer on teach sampling vessel for the duration of sampling, to be followed-through evaluation and Government of Namibia valuation processes per sampled batch, estimated to be US$70,000.\n\n \n \nSpirit, as an Insider and accordingly a \"Related Party\", and will directly and/or indirectly acquire the Shares, which will increase their pro rata shareholdings in the Company (the \"Related Party Transaction\"). All of the independent directors of the C...