Diamond Frank Exploration Inc.

Diamond Frank Exploration Inc.

October 08, 2009 10:21 ET

Diamond Frank Closes Private Placement of CDN $200,000

LAVAL, QUEBEC--(Marketwire - Oct. 8, 2009) - Diamond Frank Exploration INC. ("Diamond Frank") (TSX VENTURE:DOD) announces the closing on October 7, 2009 of a non-brokered private placement of CDN $ $200,000 with accredited investors, friends, management and directors. Under the terms of this placement, the Company will issue 3,200,000 flow-through common shares, 800,000 common shares and 800,000 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. Moreover, the warrants will be subject to a forced exercise provision, providing that if the closing price of Typhoon's shares $ 0.15 or greater for a period of 10 consecutive trading days, then the holders will have 30 days to exercise their warrants, otherwise the warrants will expire on the 31st day. The securities under this private placement will be subject to a four-month hold period expiring on February 8, 2009. The placement is subject to the TSX Venture Exchange approval.

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

Following the agreement reached in 2008 (Press release, October 21, 2008), Diamond Frank now owns 100% of K6 property.

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)