Diamcor Announces Term Loan Financing

KELOWNA, BC / ACCESSWIRE / October 2, 2023 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), ("Diamcor" or the "Company"), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds announces that the Company intends to complete a term loan financing (the "Financing") of up to CDN$5,000,000. Term loans under the Financing will be unsecured with a 36-month term and will carry an annual interest rate of 10% with interest only payments required at 12 and 24 months. The principal and remaining interest of the Term Loans will be due and payable on the 36-month anniversary of the closing date. The Company will issue one (1) bonus share in its authorized share capital for every CDN$1.00 of principal advanced, along with one (1) share purchase warrant for every CDN$1.00 of principal advanced under the Financing by participants/lenders pursuant to Policy 5.1 of the TSX Venture Exchange Corporate Finance Manual. Each share purchase warrant will entitle the holder thereof to purchase one (1) Class "A" Voting Common share in its authorized capital at a price of $0.25 per share for a period of 36 months.

The proceeds from the Financing will be used for general corporate purposes, the deployment of additional operational equipment to support increased processing volumes, the continued advancement of the work programmes currently underway at the Company's Krone-Endora at Venetia Project, and to provide the Company with additional working capital to offset the time frames associated with the tendering and sale of rough diamonds.

The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company's primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers' Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world's top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of the shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.