Diamond Fields announces US$1,000,000 unsecured term loan facility from its major shareholder, Mr. Jean Raymond Boulle
Diamond Fields announces US$1,000,000 unsecured term loan facility from its major
shareholder, Mr. Jean Raymond Boulle
Vancouver, B.C. (30 April 2021) – Diamond Fields Resources Inc. (TSX-V: 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.
Ends
DIAMOND FIELDS RESOURCES INC.
Sybrand van der Spuy, CEO and Director
Contact: +27 78 4558700
Michael Oke/Andy Mills: +44 20 7321 0000
Aura Financial LLP: www.aura-financial.com
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.