Diamond Frank Exploration Inc.

Diamond Frank Exploration Inc.

November 30, 2009 14:56 ET

Diamond Frank Closes a Private Placement of CDN $87,000

LAVAL, QUEBEC--(Marketwire - Nov. 30, 2009) - Diamond Frank Exploration Inc. (TSX VENTURE:DOD) ("Diamond Frank") announces the closing on November 26, 2009 of a non-brokered private placement of 87 units for CDN $87,000 with accredited investors, friends, management and directors. Under the terms of this placement, Diamond Frank will issue 1,392,000 flow-through common shares, 348,000 common shares and 348,000 warrants.

Each unit sold at a price of $1,000 consists of 16,000 flow-through common shares at a price of $0.05 per share, 4,000 common shares at a price of $0.05 per share and 4,000 warrants. Each warrant grants the right to purchase one common share at the price of $0.10 per share until 24 months after closing, the whole subject to an accelerated expiry clause. If the closing prices for common shares of Diamond Frank for period of 10 trading days (the "Reference Period") are equal or higher than $0.15, Diamond Frank will have the option to reduce the exercise period and the warrants will expire on the 30th day following the Reference Period. The securities under this private placement will be subject to a four-month hold period expiring on April 27, 2010.

Diamond Frank will use 80% of proceeds for exploration work on its properties located in Quebec and the remaining 20% for working capital.

The common shares of Diamond Frank Exploration are listed on the TSX Venture Exchange under the symbol "DOD".

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

Contact Information

  • Diamond Frank Exploration Inc.
    David Mc Donald
    President and CEO
    450-622-4066 or Toll Free 1-877-622-4004
    450-622-4337 (FAX)