Vancouver With diamond projects on the go in Nunavut, Quebec, and Brazil, Canabrava Diamond (CNB-V) is looking to add $1 million to its coffers by selling 5.5 million flow through units at $0.18 each.
Each unit holds one flow through share and half a warrant. Each full warrant allows the holders to buy one share for $0.30 for a 1-year period.
Haywood Securities is the agent on the deal and will get a commission of 7.5% of the of gross proceeds from the sale along with warrants equal to 10% of the total number of units sold. Each of these warrants allows the holder to buy one share at $0.21 for a period of 1-year.
Canabrava and partner Diamonds North Resources (DDN-V) recently announced that more macrodiamonds have been recovered from three additional kimberlite samples collected from the King Eider kimberlite pipe on the Hadley Bay project on Victoria Island in Nunavut.
Hole 15 returned 5 diamonds from a 40.3-kg samples, hole 19 yielded 12 diamonds from a 95.4 kg sample and hole 21 returned 9 diamonds from a 60.7-kg sample. Macrodiamonds were found in two samples, with the largest stone measuring 1.14-by-0.68-by-0.69 mm.”The size and abundance of macrodiamonds in King Eider encourage us to conduct further evaluation of this kimberlite,” says Canabrava President, George Read.
The King Eider kimberlite marks part of a diamondiferous cluster, which includes the Jaeger, Turnstone, Sanderling and Pintail kimberlites.
Canabrava can earn a 50% stake in the property by spending $5 million and issuing 250,000 shares to Diamonds North over a four-year period. Diamonds North is the project operator.
Be the first to comment on "Canabrava eyes $1 million"