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STAR DIAMOND CORPORATION ANNOUNCES TRANSFORMATIVE TRANSACTION WITH SPIRIT RESOURCES s.a.r.l.
STAR DIAMOND CORPORATION ANNOUNCES TRANSFORMATIVE TRANSACTION WITH SPIRIT RESOURCES s.a.r.l. ...
About this update from Star Diamond Corporation
[{"type":"text","content":"\n\n\n\n STAR DIAMOND CORPORATION ANNOUNCES TRANSFORMATIVE TRANSACTION WITH SPIRIT RESOURCES s.a.r.l.\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n TSX: DIAM\n \n\n\n\n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n OR THROUGH U.S. NEWSWIRES/\n \n\n\n\n\n SASKATOON, SK\n \n\n ,\n \n\n May 16, 2025\n \n\n /CNW/ - Star Diamond Corporation (the \"Company\") (TSX: DIAM) is pleased to announce that it has reached an agreement with Spirit Resources s.a.r.l. (\"Spirit\") to provide funding to the Company by way of a private placement (the \"Private Placement\") of units (\"Units\") for gross proceeds of Cdn.\n \n $4,000,000\n \n and an interim Cdn.\n \n $800,000\n \n unsecured loan. The proceeds of the Private Placement and loan will be used for working capital and general corporate purposes, including to advance a prefeasibility study with respect to the Fort à la Corne diamond project.\n \n\n Under the Private Placement, Spirit has agreed to subscribe for 133,333,333 Units at a price of Cdn.\n \n $0.03\n \n per Unit for aggregate gross proceeds of Cdn.\n \n $4,000,000\n \n . Each Unit will consist of one common share of the Company (\"Common Share\") and one Common Share purchase warrant (\"Warrant\") with an exercise price of: (i) Cdn\n \n $0.04\n \n per Common Share at any time within 12 months following the date of issue, and (ii) Cdn\n \n $0.05\n \n per Common Share thereafter, with such Warrants being exercisable for a period of 24 months; provided that if the Company fails to complete one or more equity financings for at least Cdn.\n \n $3,000,000\n \n in aggregate within such 24-month period, then the exercise period of the Warrants will be extended by a further 12 months. Upon completion of the Private Placement, Spirit would hold 194,455,143 Common Shares, representing 25.82% of the issued and outstanding Common Shares. Consequently, the completion of the Private Placement may \"materially affect control\" of the Company within the meaning of the TSX Company Manual, ...