Dia Bras Raises $7,045,545 in Exercise of Warrantsadmin
Dia Bras Exploration Inc. is pleased to report that all of its outstanding 10,006,493 warrants with an exercise price of $0.70 and an expiry date of January 10, 2011, were exercised, bringing an additional $7,004,545 of proceeds to the Company. These funds add to the significant cash on hand the Company had at the end of the third quarter of 2010, as previously announced in the Dia Bras news releases of November 30 and December 2, 2010. The total proceeds generated from the exercise of warrants during the fourth quarter of 2010 and through January 10, 2011, was $ 12,004,545. As a result, the Company currently has $22,304,073 cash on its balance sheet.
“This is another important milestone completed for the Company because at our wholly owned Bolivar Property we are nearing completion of the new Piedras Verdes Mill, which is on budget and on schedule,” stated Daniel Tellechea, President and CEO. “Dia Bras now has additional working capital to dedicate to further development at our Bolivar Project and at our wholly owned Cusi Property and to continue exploration at numerous precious metals targets in our current project portfolio.”