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Diamonds North Closes Final Tranche of Non-Brokered Private
Placement & Over $17 Million in the Treasury
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VANCOUVER, July 10th, 2008 - Diamonds North Resources Ltd. (TSX-V: DDN)
(the "Company") announces it has closed the final tranche of the
non-brokered private placement financing announced June 19th, 2008 and
subsequently increased June 20th, 2008. A total of $552,550 was raised
pursuant to the closing of the final tranche and involved the issuance
of 16,833 Flow-Through Shares and 507,000 Non Flow-Through Units. The
Company reports that it now has over $17 million in the Company's
treasury.
Finders fees were paid consisting of $30,051 cash and the issuance of
share purchase warrants entitling finders to purchase up to 28,620
common shares for a period of one year from the closing at a price of
$1.30 per share.
All securities issued pursuant to the bought deal financing and the
first tranche of the non-brokered private placement are subject to a
statutory hold period expiring on November 10, 2008.
The funds raised from the issuance of the Flow-Through Shares shall be
used for general exploration expenditures which will constitute
Canadian Exploration Expenditures ("CEE"). The funds raised from the
issuance of the Units will be used for the advancement of the Company's
mineral assets and for general working capital purposes.
Diamonds North has discovered 25 kimberlites to date on the Amaruk
property. Of the 22 analyzed kimberlites, more than 90% of the known
kimberlites are diamondiferous and 50% exhibit
Diamond counts that
require follow-up exploration. At least 500 geophysical targets remain
to be tested on the property.
Diamonds North Resources is focused on discovering Canada's next
Diamond mine. The Company is rapidly evolving and committed to building
long-term value through ongoing
Diamond discoveries.
On behalf of Diamonds North Resources Ltd.
Mark Kolebaba
President & CEO
For additional information please contact:
Nancy Curry
VP Corporate Communications
Diamonds North Resources Ltd.
Telephone: (604) 689-2010
Facsimile: (604) 484-7143
Email: info@diamondsnorth.com
Website: www.diamondsnorth.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements
in this press release, other than purely historical information,
including statements relating to the Company's future plans and
objectives or expected results, may include forward-looking statements.
Forward-looking statements are based on numerous assumptions and are
subject to all of the risks and uncertainties inherent in resource
exploration and development. As a result, actual results may vary
materially from those described in the forward-looking statements.
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Copyright (c) 2008 DIAMONDS NORTH RESOURCES LTD. (DDN) All rights
reserved. For more information visit our website at
http://www.diamondsnorth.com/ or send mailto:info@diamondsnorth.com
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