Dianor Resources Inc.
TSX VENTURE : DOR

Dianor Resources Inc.

May 17, 2010 08:00 ET

Dianor Engages Investor-Relations Firm and Completes Private Placement

VAL-D'OR, QUÉBEC--(Marketwire - May 17, 2010) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Version française disponible sur www.dianor.com seulement.

Dianor Resources Inc. (TSX VENTURE:DOR) announces that it has entered into an agreement with Resultz Media Group Corp. ("RMG") of Windsor, Ontario, under which RMG will conduct market awareness and Investor Relations Consulting on behalf of Dianor.

The agreement with RMG is for a six-month term, subject to renewal. Under the agreement, Dianor will pay RMG a fee of US$120,000. In addition, Dianor has granted a stock option in respect of 500,000 common shares to RMG, at an exercise price of $0.10 per share. The stock option vests in respect of 25% of the shares under option three months from the date of the agreement, and in respect of an additional 25% every three months thereafter, so that the stock option will be fully vested one year after the date of the agreement. The stock option will expire on October 31, 2011.

RMG has advised Dianor that it has no direct or indirect interest in securities of Dianor, or any right or intent to acquire such securities other than pursuant to the exercise of the stock option granted by Dianor.

The agreement with RMG is subject to regulatory approval, including that of the TSX Venture Exchange.

Dianor also announces that it has completed a private placement by issuing an aggregate of 2,446,000 units to accredited investors in Nova Scotia at a price of $0.10 per unit, for gross proceeds to Dianor of $244,600.

Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of Dianor at a price of $0.15 per share until May 13, 2012.

In connection with the closing of the private placement, Dianor paid finders' fees to Dundee Securities Corporation in a total amount representing 5% of the gross proceeds from the sale of the units.

The proceeds from the private placement will be used for working capital and corporate purposes. As a result of the closing of the private placement, there are 219,309,007 common shares of Dianor issued and outstanding.

Under applicable securities legislation and the policies of the TSX Venture Exchange, all of the foregoing securities are subject to a hold period expiring on September 14, 2010.

About Dianor

Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project, our flagship and most advanced exploration project, is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the property since 2005 where diamonds, gold, sapphires and rubies are present in 2.697 Ma old Archean Conglomerates (press release January 18th 2007). A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tones (press release July 24th 2007). Additional diamond discoveries including rare purple diamonds were made in 2008 by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, April 10th & May 13th 2008) in Québec. The Quebec diamond properties have increased our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Québec) are both unique and amongst the oldest diamond bearing occurrences in the world.

About Resultz Media Group Corp.

RMG is an industry leader in terms of Investor Relations, advising smallcap companies operating in the public marketplace. RMG's Associates possess a broad range of skills and expertise, empowering its clients within Investor Relations, Capital Formation, as well as Management Consulting areas.

RMG coordinates its performance driven media and communications campaigns to provide emerging growth companies visibility that is essential to compete in global equity markets. RMG is able to efficiently and effectively implement hybrid solutions which encompasses not only traditional aspects of IR, but also non-traditional outreach mediums.

Being industry agnostic, RMG offers a wide range of expertise across the; Energy (Renewable & Non-Renewable), Healthcare, Industrials, Materials, Technology, and Clean-Tech sectors.

RMG is headquartered in Windsor, Ontario with an additional office in Long Island, New York.

You can also visit our Web Sites: www.dianor.com & www.ThinkRMG.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Dianor Resources Inc.
    Mr. John Ryder, P. Geo.
    President and Chief Executive Officer
    819-825-7090
    819-825-7545 (FAX)
    info@dianor.com
    or
    Dianor Resources Inc.
    Mr. Daniel Duval
    Chairman of the Board and Chief Financial Officer
    819-825-7090
    819-825-7545 (FAX)
    info@dianor.com
    or
    Resultz Media Group Corp.
    RMG IR
    Mr. Tyler M. Troup, B.Comm, Senior Associate
    877-301-9748
    519-979-7820 (FAX)
    Tyler@thinkRMG.com