Exploration Diamond Frank inc.

December 31, 2007 14:22 ET

Diamond Frank Completes IPO by Raising $1,823,000

LAVAL, QUEBEC--(Marketwire - Dec. 31, 2007) - Exploration Diamond Frank Inc. has completed an Initial Public Offering by way of Prospectus, December 31 2007. The first closing consists in the issuance of 7,746,533 shares, for 1 446 units A and 377 units B, for gross proceeds of $1,823,000.

Each unit A is comprised of 2, 286 flow-through common shares at a price of $0.35 and 1,333 common shares at a price of $0.15.

Each unit B is comprised of 6,667 common shares at a price of $0.15 and 6,667 warrants valid until December 21 2009 at an exercise price of $0.15 each.

The proceeds (80%) from placement of units A will be allocated for exploration works on the Wapiscan and Ikirtuuq properties and (20%) for the company general purposes in addition to the proceeds from placement of units B.

In connection with the placement, a commission in kind of $177,300 will be attributed to Canaccord Capital Corporation. The "Agent" will also be granted broker warrants to an amount equal to 10% of the common shares subscribed for, entitling it to acquire up to 774,653 common shares at a price of $0.15 until December 31 2008.

The symbol " DOD " was reserved pertaining to the listing of the company's common shares.

Final approval for the listing is subject to prior receipt of a registration date from the TSX Venture Stock Exchange for the distribution of 2 million shares of the company to the shareholders of Typhoon Exploration Inc.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those in these "forward-looking statements".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Exploration Diamond Frank Inc.
    David Mc Donald
    CEO
    450-622-4066
    450-622-4337 (FAX)