Jean-Raymond Boulle’s Spirit Resources SARL takes up 100% of Diamond Field International Ltd.’s (DFI) recent 1 cent private placement. The number of new shares issued to Spirit is 41,907,000. Of what should now be approximately 180 million shares issued and outstanding Spirit show own about 140 million. The company’s 2015 Annual Information Form (AIF) states Spirit owned 99,345,432 already.
JuniorMining.com is a firm believer that regulatory approvals of such massive, highly dilutive, low price private placements have been responsible for the demise of many junior mining companies and their shareholders investments.
Interesting, in this case we see that Spirit, as the vast majority owner of Diamond Fields already is obviously astute enough to make such decisions. We would assume that the minority shareholders of the company were fine with the $300,000 cash infusion.
Diamond Fields International is a pioneer in the mining marine diamond and SEDEX deposits and JuniorMining.com certainly wish it the best in those unique endeavours.
However, we remain in wait for our forecasted rollback on this stock.