Big Red Diamond Corporation

Big Red Diamond Corporation

December 20, 2006 16:27 ET

Big Red Diamond Corporation Announces that it Has Filed with the TSX-V the Final Documentation for Two Private Placements for a Total of $500,000

MONTREAL, QUEBEC--(CCNMatthews - Dec. 20, 2006) - Big Red Diamond Corp.,(TSX VENTURE:DIA) has completed two private placements in the total amount of $500,000. The final documents have been filed with the TSX-V. 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 10,000 treasury common shares at 10 cents per share and 10,000 warrants to purchase common treasury shares at a price of 12.5 cents per share until Dec. 31, 2007. The whole Placement was realized with investors that deal with the Corporation at arm's length. Contrary to the initial press release regarding these Placements, Francois C. Desrosiers, director and president of the corporation, has not acquired 30 treasury units.

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 9,000 flow-through common shares and 1,000 common treasury shares, each share at 10 cents 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 and 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; and

- $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.

The shares issued as part of this Placement will be free-trading after April 1, 2007. 700,000 brokers warrants have been issued in regards to these Placements 300,000 to Francois Simard, and 400,000 to Grant Cool. These warrants give the holder the right to acquire shares of Big Red Diamond at a price of $0.125 per share until December 31, 2007.

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

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

Contact Information

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