| Thu 21 Aug 2008, 9:00 | | BCD - BRC DIAMONDCORE LTD - BRC Diamondcore announces financing |
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BCD
BCD
BCD - BRC DIAMONDCORE LTD - BRC Diamondcore announces financing
BRC DIAMONDCORE LTD.
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE ANNOUNCES FINANCING
Toronto, Canada and Johannesburg, South Africa - August 21, 2008: BRC
DiamondCore Ltd. (the "Company") (TSX - BCD; JSE - BCD) announces that it has
engaged Kingsdale Capital Markets Inc. (the "Agent") of Toronto, Canada to act
as agent to sell on a best efforts basis, by way of private placement, up to
3,000,000 common shares of the Company at a price of Cdn$1.00 per share for
gross proceeds of up to Cdn$3,000,000 (the "Financing"). The Company has agreed
to pay to the Agent a cash commission equal to 5% of the gross proceeds of the
Financing and to grant to the Agent that number of broker warrants which is
equal to 5% of the number of shares sold under the Financing, with each such
broker warrant entitling the holder to purchase one common share of the Company
at a price of Cdn$1.00 for a period of two years from closing.
The net proceeds of the Financing will be used for general corporate purposes.
The closing of the Financing is subject to the receipt of all required
regulatory approvals, including the approval of the Toronto Stock Exchange.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or any applicable exemption from the registration
requirements. This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of the securities in
any state in which such offer, solicitation or sale would be unlawful.
The Company raised Cdn$525,000, by way of the issue and sale of 350,000 common
shares of the Company, pursuant to the non-brokered private placement announced
in the Company`s June 30, 2008 press release.
BRC DiamondCore Ltd. is an African-focused diamond explorer active in South
Africa and the Democratic Republic of the Congo (the "DRC"). Led by a
management team with extensive experience in diamond exploration and mine
development, the Company has a broad spectrum of projects ranging from advanced
stage trial mining operations through grass-roots exploration. The Company`s
projects include both high-value carat alluvial gravels and primary kimberlite
targets. The Company works in a systematic and responsible manner to discover,
assess and develop diamond resources for the benefit of its shareholders and
local stakeholders.
For further information, please visit our website, www.brc-diamondcore.com, or
contact:
In Toronto:
Martin D. Jones, Vice President, Corporate Development, (416) 366-2221 or 1-800-
714-7938.
In Johannesburg:
James Duncan, Russell and Associates, +27 11 880-3924
Forward-Looking Statements: This press release contains forward-looking
statements. All statements, other than statements of historical fact, that
address activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without limitation,
statements relating to the closing of the Financing and the anticipated proceeds
from the Financing) are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Company based on
information currently available to the Company. Forward-looking statements are
subject to a number of risks and uncertainties that may cause the actual results
of the Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual
results or events to differ materially from current expectations include, among
other things, the possibility that the proceeds from the Financing will be less
than anticipated due to market conditions or other factors, the possibility that
future exploration results will not be consistent with the Company`s
expectations, changes in equity markets, changes in diamond markets, foreign
currency fluctuations, political developments in South Africa or the DRC,
changes to regulations affecting the Company`s activities, uncertainties
relating to the availability and costs of financing needed in the future, the
uncertainties involved in interpreting geological data and the other risks
involved in the diamond exploration business. Any forward-looking statement
speaks only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable, forward-
looking statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the inherent
uncertainty therein.
21 August 2008
Johannesburg
Sponsor
River Group
Date: 21/08/2008 09:00:01 Produced by the JSE SENS Department.
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