Intent on financing exploration of its diamond properties in Brazil, Diagem International Resource (DGM-V) has negotiated a private placement worth $500,000.
The financing consists of 2.8 million units priced at 80 cents each. A unit is made up of one share and half a share purchase warrant. One full warrant entitles the holder to buy an additional share at 25 cents in the first year and 30 cents in the second.
Diagem is busy drilling 14 targets at its Chapada property in Mato Grosso state, southwestern Brazil. This initial phase of work is expected to be completed before October.
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