Diamcor Announces CND$1,500,000 Private Placement

This Press Release Is Not for Distribution to Any United States Newswire Services or for Dissemination in the United States.

KELOWNA, BC / ACCESSWIRE / May 1, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), ("Diamcor" or the "Company"), an established diamond mining company focused on developing a supply of ethically sourced, non-conflict, natural rough diamonds to select diamantaires and luxury retailers, announces today it intends to complete a non-brokered private placement financing (the "Financing") of up to CND$1,500,000, and anticipates that an aggregate of up to CND$1,250,000 of the Financing will be subscribed to by existing larger shareholders, management, and directors. The Financing will consist of up to 30,000,000 units (the "Units") at a price of CND$0.05 per Unit, with each Unit consisting of one common share (a "Share") of the Company, and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of CND$0.075 for a period of 36 months following the date of issuance. The Company plans to close the Financing by May 15, 2024.

Proceeds from the offering will be used for the continued advancement of the Company's Krone-Endora at Venetia Project (the "Project), the work programmes currently underway, the announced efforts surrounding drilling and bulk sampling on the greater portions of the Project, the advancement of discussions on potential acquisitions of additional opportunities aimed at increasing long-term shareholder value and added growth, and for general corporate purposes. The Company plans to continue to advance ongoing discussions with financiers and industry related parties on additional funding scenarios which may be beneficial in further supporting the above noted objectives aimed at increasing long-term shareholder value and added growth and will not be proceeding with the convertible loan financing of up to CND$2,000,000 previously announced on January 18, 2024.

The Financing is subject to the approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering will be subject to a hold period of four months plus one day following the date of issuance.

The securities sold in the Financing have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration under such Act or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.