$30 Million Equity Line of Credit With Kodiak Capital Group, LLC
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VAL-D'OR, CANADA--(Marketwire - Feb. 28, 2011) -
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Dianor Resources Inc. (TSX VENTURE:DOR)(OTCQX:RSDNF) announces that it has sent a notice to Kodiak Capital Group, LLC for a draw down of $176,669 under its $30 million equity line of credit with Kodiak Capital (press releases March 3rd2010, July 19th2010 and September 20th2010).
In accordance with the Amended and Restated Standby Equity Distribution Agreement dated July 9, 2010 between Dianor and Kodiak Capital, as amended, the common shares to be issued to Kodiak Capital under the draw down will be issued at a price per share equal to the volume weighted average price of Dianor's common shares on the TSX Venture Exchange for the five consecutive trading days (March 1 to March 7, 2011) following the delivery of the draw-down notice to Kodiak, less a discount of 10%. Under the policies of the TSX Venture Exchange, the minimum issue price per share is $0.05. Based on a minimum issue price of $0.05, the maximum number of common shares that can be issued by Dianor under this initial draw down is 3,533,380. The closing price of Dianor's shares on the TSX Venture Exchange on Friday, February 25, 2011 was $0.055. Closing of the draw down of $176,669 will take place on March 14, 2011.
Dianor's final base shelf prospectus dated September 13, 2010 with respect to the equity line of credit is available under Dianor's company profile on SEDAR at . Following completion of the draw-down pricing period, Dianor will file a prospectus supplement qualifying the issue and sale of the shares to be issued to Kodiak Capital under the draw down.
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth companies in all facets of their long term strategy by providing capital and progressive business solutions. Kodiak manages a portfolio of investments in public and private equities. Founded in 2009, Kodiak has already transacted in excess of $500 million in financing for companies across a multitude of industries, including biotechnology, business services, consumer products, defense, healthcare, Internet, manufacturing, medical devices, natural resources, oil and gas, renewable energy and wireless communications. Headquartered in New York City, Kodiak has assisted companies throughout North America and Australia.
More information can be found at: >www.dianor.com
