VANCOUVER, BC, April 30, 2021 /CNW/ - Diamond Fields
Resources Inc. (TSXV: DFR) ("DFR" or, including its
subsidiaries, the "Company") announces that it has entered into a
loan agreement (the "Agreement") with the Company's major
shareholder, Spirit Resources SARL (the "Lender"), whose beneficial
owner is Mr. Jean Raymond Boulle.
The Agreement is for an eight percent (8%) unsecured term loan
facility of up to US$1,000,000 (the
"Loan"), which will be used for general corporate purposes, and
shall be repayable in full on 29 April
2022 (the "Final Repayment Date").
DFR shall prepay the Loan upon receipt of the proceeds of any
debt, equity or other financing that occurs prior to the Final
Repayment Date.
The entering into of the Agreement (the "Transaction") is
considered a related party transaction under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101") due to the fact that the
Lender is the Company's major shareholder and a related party to
the Company. The Transaction is exempt from the formal valuation
and minority shareholder approval requirements under MI 61-101
(pursuant to subsections 5.5(b) and 5.7(f)) on the basis that the
Company is not listed on a specified market and the Agreement
constitutes a loan from a related party with no equity or voting
component. The Transaction was approved by the Company's
independent directors and will have no effect on the percentage of
securities of the Company owned by the Lender.
Notes to Editors:
DFR is a TSX Venture Exchange listed exploration and mine
development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravina
Project, an advanced high grade hard rock zircon exploration
prospect located in the west of the country, approximately 220km
east of the port of Maintirano and near a state road. DFR acquired
Beravina from Pala Investments and Austral Resources in 2016. In
Namibia, the Company owns several
offshore diamond mining licences including the ML 111 concession
which has a ten-year mining licence, effective until 4 December 2025. In 2018 and early 2019 mining
undertaken by a contractor on the Company's ML111 licence area
produced two parcels of rough diamonds totalling 47,318.41
carats.
Website: www.diamondfields.com
The Company's public documents may be accessed
at www.sedar.com
Neither the 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.
Forward-Looking Statements:
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors identified in the Company's periodic filings with Canadian
Securities Regulators. Such forward-looking information represents
management's best judgment based on information currently
available. No forward-looking statement can be guaranteed and
actual future results may vary materially. The Company does not
assume the obligation to update any forward-looking statement,
except as otherwise required by law.
SOURCE Diamond Fields Resources Inc.
