Dia Bras Announces Private Placement of $2.0 Million
Dia Bras Exploration Inc. announces a non-brokered private placement for a total consideration of $2.0 million. Subject to regulatory approvals, the Company will issue 25,000,000 units at $0.08 per unit. Each unit is composed of one common share and one purchase warrant. Each warrant entitles the holder thereof to subscribe to one common share of the Company at a price of $0.20 for a period of two years. The common shares and warrants issued pursuant to these private placements are subject to a hold period of four months from the closing date. After taking into consideration this private placement, the Company will have 136,501,269 common shares issued and outstanding.
An insider of the Company will subscribe to 37.5% of the private placement and as a result will hold approximately 17% of the issued common shares of the Company.
The net proceeds will be used for general corporate purposes and working capital.
Dia Bras is a Canadian exploration mining company focused on precious and base metals in the State of Chihuahua, in northern Mexico. The Company is committed to developing and adding value to its assets – the Bolivar copper-zinc project and the Cusi silver mining camp. The Company trades on the TSX Venture Exchange under the symbol “DIB”.
