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Tahera Diamond Corporation Completes $22 Million Bought Deal Financing |
06/03/2005 |
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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ALL FIGURES IN CANADIAN DOLLARS.
Tahera Diamond Corporation announces that it has closed the previously announced bought deal financing. A syndicate of underwriters led by National Bank Financial Inc., and including TD Securities Inc., Dundee Securities Corporation, Westwind Partners Inc. and Paradigm Capital Inc. has purchased 52,381,000 units from treasury at a price of $0.42 per unit for gross proceeds of $22 million. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share of the Company at a price of $0.50, until March 31, 2006.
Tahera plans to use the net proceeds of the unit offering towards the construction and related working capital of the Jericho Diamond Mine in Nunavut, which it expects to complete in the first quarter of 2006, and for general corporate purposes.
THE SECURITIES BEING OFFERED HAVE NOT BEEN, NOR WILL BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT U.S. REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS. THIS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE WHERE SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
Tahera Diamond Corporation (www.tahera.com) is a unique Canadian diamond Company focused on developing its wholly-owned Jericho Diamond Project as CANADA'S NEXT and NUNAVUT'S FIRST DIAMOND MINE. Tahera recently entered into an arrangement with Tiffany & Co., one of the world’s leading jewelers, with respect to a diamond purchase and marketing agreement, and a finance agreement for the Jericho Diamond Project. Tahera has several other prospective diamond projects in Canada's prolific Slave Craton. The common shares of the Company trade on the TSX under the symbol 'TAH'.
The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Tahera Diamond Corporation
R. Peter Gillin – Chairman and CEO
Grant Ewing – Executive Vice President, Corporate Development
Investor Relations:
Tel: (416) 777-1998
Fax: (416) 777-1898
Toll free: (877) 777-2004
Email: investor_relations@tahera.com
Website: www.tahera.com
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