| ||Mon Jan 11, 2016|
Diamond Fields Announces Closing of US$300,000 Financing
| ||(January 11, 2016) – Diamond Fields International Ltd. (TSX-V: DFI) announces that on January 6, 2016 the TSX Venture Exchange accepted its private placement for gross proceeds of US$300,000 (Cdn$419,070) (the "Financing") from its major shareholder, Spirit Resources SARL ("Spirit"). |
Accordingly, on January 11, 2016 the Company issued 41,907,000 common shares at $0.01 per Share. These Shares are subject to a hold period under applicable Canadian securities laws expiring on May 12, 2016, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
Prior to the Financing Spirit owned, directly and/or indirectly, a total of 99,345,432 common shares of the Company, representing 71.9% of the Company's 138,219,009 issued and outstanding share capital, together with a warrant entitling Spirit to purchase up to 8,000,000 common shares at $0.10 per share, exercisable on or before May 14, 2016 (the "Warrant"). On closing of the Financing, Spirit now owns 141,252,432 common shares, representing 78.4% of the Company's current 180,126,009 issued and outstanding share capital, as well as the Warrant.
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: "Earl Young"
Earl Young, Chief Financial Officer
Contact: Earl Young at +1 214 566 3709
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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