Simon F. W. Village

November 25, 2009 10:27 ET

Simon F. W. Village: Acquisition of Units

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2009) - Simon F. W. Village ("Village") announces that he has purchased units ("Units") of BRC DiamondCore Ltd. (the "Company") pursuant to a non-brokered private placement financing (the "Financing") closed today by the Company. Reference is made to the Company's press release (the "Company Press Release") issued yesterday announcing the closing of the Financing, pursuant to which a total of 20,000,000 Units were issued by the Company at a price of Cdn$0.05 per Unit. Each Unit consists of one common share of the Company and one warrant of the Company (a "Warrant"), each Warrant entitling the holder to purchase one common share of the Company at a price of Cdn$0.066 for a period of four years. The Company Press Release also announced the closing of certain debt settlement transactions (the "Debt Settlements").

Village purchased 3,500,000 of the Units. Village purchased such Units for investment purposes and may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.

The Company Press Release stated that, taking into account the shares issued under the Financing and the Debt Settlements (but not taking into account the shares issuable on exercise of the Warrants), the Company now has outstanding 89,408,640 common shares. The 3,500,000 common shares comprising part of the 3,500,000 Units purchased by Village represent 3.91% of such outstanding shares.

Village did not hold any shares of the Company prior to the Financing. Village holds 3,500,000 Warrants.

Village and Arnold T. Kondrat (who is a director of the Company) also have call options on the 43,317,330 common shares issued by the Company under the Debt Settlements to creditors. These call options are exercisable at a price of Cdn$0.16 per share. Reference is made to the "early warning" report dated November 11, 2009 filed by Village on SEDAR (www.sedar.com) for additional information in respect of these call options. The said 43,317,330 shares represent 48.45% of the outstanding common shares of the Company.

Village is Chairman of the Board and a director of the Company. Village's address is 6 The Old Yard, Rectory Lane, Brasted, Kent, TN16 1JP, United Kingdom. This press release is being issued pursuant to the "early warning" rules of Canadian securities laws. A copy of the "early warning" report to be filed on SEDAR by Village under the said rules may be obtained from Village at the phone number below.

Contact Information

  • Simon F. W. Village
    +44 (0) 1959 569 237