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Diamond Fields Closes $200,000 Financing, Advises of Change of Listing Status, and Confirms Certain Securities to be Held in Escrow
SYMBOL:  DFI  VANCOUVER, May 16, 2013 /CNW/ - Diamond Fields International ...
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\n\nSYMBOL:  DFI \n\n\nVANCOUVER, May 16, 2013 /CNW/ - Diamond Fields International Ltd.\n (DFI:TSX) wishes to announce the following.\n\n\nCdn$200,000 Private Placement Closed\n\n\nThe Company has closed the private placement announced in a News Release\n dated May 13, 2013.  On May 14, 2013 the Company received conditional\n acceptance from the TSX Venture Exchange (the \"TSX-V\") to close the\n private placement. Accordingly, on May 15, 2013, the Company issued a\n total of 8,000,000 Units at $0.025 per Unit, each Unit consisting of\n one common share and one share purchase warrant, each warrant entitling\n the holder to purchase one additional common share at $0.05 on or\n before May 14, 2014, and thereafter at $0.10 per share on or before May\n 14, 2016.\n\n\nThese shares, including any shares issued on exercise of the warrants\n will be subject to a hold period under applicable Canadian securities\n laws expiring on September 15, 2013, and will be subject to such\n further restrictions on resale as may apply under applicable foreign\n securities laws.\n\n\nChange of Listing Status\n\n\nThe TSX-V has confirmed that effective at market open on Tuesday, May\n 21, 2013 (the \"Listing Date\"), the Company will commence trading as a\n Tier 2 Issuer on the TSX-V.  This provides a streamlined continuance of\n trading for the Company's stock.\n\n\nAs previously announced, the Company's shares will be delisted from\n trading on the Toronto Stock Exchange at the close of business on\n Friday, May 17, 2013.\n\n\nShares to be Held in Escrow\n\n\nAs a condition to list on the TSX-V, the Company and certain Insider\n shareholders have agreed that any shares that may be issued on\n conversion and/or exercise of the following previously issued\n Convertible Debentures and Warrant will be held in escrow (hereinafter\n jointly referred to as the \"Escrowed Shares\"):\n\n\nConvertible Debenture in the principal amount of $500,000 that was\n issued to Spirit Resources SARL on January 7, 2013, convertible into a\n total of 22,222,222 Units at $0.0225 per Unit.  Each Unit is comprised\n of one common share and one share purchase warrant, with each warrant\n being exercisable into one common share at $0.0315 on or before January\n 7, 2015.  If converted, any shares that are issued will be released from escrow...