Big Red Diamond Corporation

Big Red Diamond Corporation

December 08, 2006 15:35 ET

Big Red Diamond Corporation Announces the Completion of Two Private Placements for a Total of $500,000

MONTREAL, QUEBEC--(CCNMatthews - Dec. 8, 2006) - Big Red Diamond Corporation (TSX VENTURE:DIA) Big Red Diamond Announces, subject to obtaining regulatory approval, that it has completed two (2) private placement in the total amount of $500,000. The first placement is to be used for working capital purposes in an amount of $150,000. It consists in the issuance of 150 treasury units. Each treasury units consists of ten thousand (10,000) treasury common shares at $0.10 per share and ten thousand (10,000) warrants to purchase common treasury shares at a price of $0.135 per share until December 31, 2007. Mr. Francois C. Desrosiers, director and president of the Corporation, has acquired thirty (30) treasury units. The balance of this Placement was completed with investors that deal with the Corporation at arm's length.

The second private placement consists in the issuance of 350 flow-through units at a price of $1,000 per unit. Each flow-through units consists of nine thousand (9,000) flow-through common shares and one thousand (1,000) common treasury shares, each share at $0.10 per share. This placement was completed with investors that deal with the Corporation at arm's length.

The treasury placement will be used for working capital purposes
while the flow-through proceeds will be invested in the following Big
Red Diamond exploration projects:

$50,000 Andy Lake (uranium) stripping, channel saw sampling
$50,000 Maro (Uranium) complete the radiometric, geochemistry and
channel saw sampling surveys
$50,000 Foyelet and Hemlo Diamonds (diamonds and gold) Till
sampling and ground MAG and EM surveys
$100,000 Attawapiskat Joint-Venture (diamonds) till sampling and
lab assays,
$65,000 Black and Lee properties (diamonds) till sampling, Pioneer
drilling, geochemistry and lab assays.

In the event that some of the results from already completed exploration surveys on the above mentioned projects are inconclusive the Corporation reserves the right to redirect the flow-through funds to more promising projects.

Benoit Violette, director of Big Red Diamonds, a Qualified Persons under National Instrument 43-101, has reviewed this press release after it was prepared by AntOro's management.

Contact Information

  • AntOro Resources Inc.
    François C. Desrosiers
    514-982-6044, ext. 223