The private placement consisted of 28 million units priced at 23 cents each. A unit comprises one share and one share purchase warrant. A warrant entitles the holder to buy one share at an exercise price of 23 cents for a period of one year.
Ekuseni Resources, a company controlled by DiamondWorks director Brian Menell, purchased $5.9 million worth of units. Ekuseni now owns 29.42% of the issued shares of DiamondWorks. If all attached warrants are exercised, Ekuseni will own 45.46% of the company’s outstanding shares on an undiluted basis.
Invesco Trading, a company controlled by another DiamondWorks director, Delu Holender, purchased $100,050 worth of the units. The balance was purchased by an unrelated party.
DiamondWorks controls properties in Angola, Lesotho, Sierra Leone, Canada and China.
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