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Diamond Fields Negotiates Cdn$200,000 Financing
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES/ \n\n\nSYMBOL:  DFI \n\n\nVANCOUVER, May 13, 2013 /CNW/ - Diamond Fields International Ltd.\n (DFI:TSX) is pleased to announce that it has negotiated a private\n placement with Spirit Resources SARL (the \"Insider\") for gross proceeds\n of $200,000, subject to acceptance by the TSX Venture Exchange (the\n \"Financing\").  On closing the Company will issue 8,000,000 Units at a\n price of $0.025 per Unit (the \"Units\"), each Unit consisting of one\n common share and one share purchase warrant, each warrant entitling the\n holder thereof to purchase one additional common share, exercisable for\n a period of three (3) years from the date of issuance at a price of\n $0.05 per share in the first year and thereafter at a price of $0.10\n per share.\n\n\nApproximate use of proceeds will be as follows:\n\n\n$50,000 for audit fees, corporate services, rent and legal\n\n\n$100,000 for exploration and development, including registrations and\n licensing, as follows:\n\n\noffshore marine Red Sea $35,000\n\n\noffshore marine southern Africa $55,000\n\n\nLiberia gold project $8,000 and\n\n\nMadagascar nickel project $2,000\n\n\n$50,000 will be used for general working capital.\n\n\nThe Insider has indirectly subscribed for all of the Units from this\n financing, and accordingly that related party may acquire up to an\n additional 16,000,000 common shares in the capital stock of the Company\n (including shares that may be issued on exercise of warrants issued in\n connection with this financing), which will increase his pro rata shareholdings in the Company (the\n \"Related Party Transaction\").  The directors of the Company, acting in\n good faith, have approved the Financing, and have determined that the\n fair market value of the securities being issued and the consideration\n paid is reasonable and, with the value of the Related Party Transaction\n being less than 25% of the Company's market capitalization, is exempt\n from the formal valuation and minority shareholder approval\n requirements of the Ontario Securities Commission's Rule 61-501.\n\n\nA further News Release will be disseminated when the Financing closes.\n\n\nDIAMOND FIELDS INTERNATIONAL LTD. \nSIGNED: \"Edward Wayne Malouf\"Edward Wayne Malouf, Ch...