Business
Diamond Fields Closes Non-Brokered $1,229,858 Financing
Diamond Fields Closes Non-Brokered $1,229,858 Financing
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n Oct. 19, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nVANCOUVER, Oct. 19 /CNW/ - Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") is pleased to announce that on October 8, 2010 the Toronto Stock Exchange ("TSX") conditionally accepted a private placement of 7,234,461 Units for gross proceeds of Cdn$1,229,858. Each Unit is comprised of one common share and one-half transferable share purchase warrant, each whole warrant entitling the holder to purchase one additional share at $0.25 per share for a period of two years.\nOf the $1,229,858 being raised, $451,357 was raised by the issuance of convertible debentures (the "Debentures") to two insiders of the Company, one of whom is the Company's controlling shareholder. The conversion of the Debentures is subject to receipt of "disinterested" shareholder approval. The Debentures are for a two year term, with 8% interest payable semi-annually, and will be convertible into Units. The Company will be seeking "disinterested" Shareholder approval to the conversion of the Debentures at its Annual General Meeting scheduled to be held on December 6, 2010. If "disinterested" Shareholder approval is not received, the Debentures will be cancelled and the funds will be returned.\nIn accordance with the provisions of Subscription Agreements, on October...