Diamond Exploration Inc. (TSX-V:DIX) is seeking to raise $327,000 in a private placement to fund its diamond mining projects in northern Ontario.
The Ottawa-based junior mining company said it has arranged a non-brokered private placement of 2.4 million flow-through units at 10 cents each and 870,000 non-flow-through units, also at 10 cents each.
Diamond Exploration said it will use the proceeds for the exploration of its Cobalt and Bridge River properties in northern Ontario, as well as for general working capital purposes.
The company said it expects that the Toronto- and Vancouver-based fund MineralFields Group will buy 750,000 flow-through units, marking the third time the fund has participated in a private placement for Diamond Exploration and its previous guise, Patrician Diamonds. MineralFields also took part in the mining firm's fundraising efforts for its Northwest Territories project.
Diamond Exploration noted it will pay the equivalent of five per cent of its gross proceeds as a cash finder's fee as well as a non-flow-through finder's option to First Canadian Securities.
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