Val-d’Or, Québec, Canada
– July 30, 2009 – Dianor Resources Inc. (DOR: TSX Venture Exchange)
announces that it has completed a private placement by issuing an aggregate of 20,000,000 "flow-through" units to four limited partnerships associated with MineralFields Group of Toronto, Ontario at a price of $0.075 per unit, for gross proceeds to Dianor of $1.5 million.
Each unit consists of one "flow-through" common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of Dianor at a price of $0.105 until July 23, 2011.
In connection with the closing of the private placement, Dianor paid finder’s fees to Limited Market Dealer Inc. and Industrial Alliance Securities Inc. in the aggregate amount of $120,000, representing 8% of the gross proceeds raised in the private placement. Dianor also issued compensation options to Limited Market Dealer Inc. and Industrial Alliance Securities Inc. to purchase up to an aggregate of 1,600,000 units of Dianor, representing 8 % of the number of units sold in the private placement. The compensation options are exercisable at a price of $0.105 per unit for a period of two years. Each unit will be comprised of one common share of Dianor and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of Dianor at a price of $0.105 per share until July 23, 2011.
The proceeds from the private placement will be used for exploration on Dianor’s properties in Québec. As a result of the closing of the private placement, there are 201,950,686 common shares of Dianor issued and outstanding.
Under applicable securities legislation and the policies of the TSX Venture Exchange, all of the foregoing securities are subject to a hold period expiring on November 30, 2009.
In other news, Dianor also announces that, subject to regulatory approval, including that of the TSX Venture Exchange, it will issue an aggregate of 1,111,784 common shares to Ryder & Associates and Foramex Inc. in payment of an aggregate amount of $83,383.80 of debt owing from Dianor to Ryder & Associates and Foramex Inc. The shares will be issued by Dianor at a price of $0.075 per share. Ryder & Associates is a company controlled by John Ryder, the President, Chief Executive Officer and a director of Dianor.
About Dianor
Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project, our flagship and most advanced exploration project is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the property since 2005 where diamonds, gold, sapphires and rubies are present in 2.697 Ma old Archean Conglomerates (
press release January 18th 2007). A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tones (press release July 24th 2007). Additional diamond discoveries including rare purple diamonds were made in 2008 by the Company in rocks of similar type, age (Archean) and geological settings (
press
release March 3rd, April 10th, & May 13th 2008
) in Québec. The Quebec diamond properties have increased our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Québec) are both unique and amongst the oldest diamond bearing occurrences in the world.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
