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Wawa diamond diggers hit New York motherlode

Dianor Resources has entered into a standby equity distribution agreement for its Wawa diamond exploration project in northeastern Ontario. The Val d'Or-based junior miner signed a $30-million deal with Kodiak Capital Group LLC.
Northern Ontario Business Staff

Dianor Resources has entered into a standby equity distribution agreement for its Wawa diamond exploration project in northeastern Ontario.

The Val d'Or-based junior miner signed a $30-million deal with Kodiak Capital Group LLC.

The TSX Venture Exchange has accepted the terms of the equity line of credit. Dianor expects to file a preliminary short form base shelf prospectus with the Canadian Securities Commission. If the prospectus is approved, Dianor will have to file a prospectus supplement each time that it draws down funds under the equity line of credit.

Dianor will use the funds to advance bulk sampling of its Leadbetter Diamond Project, the company's flagship project.

Dianor will issue 250,000 shares to Kodiak in consideration for the equity line of credit. The shares will be issued at the time of the first draw down of funds by Dianor, subject to certain conditions.