DIA Margaret Lake Diamonds Inc

Big Red Diamond Corporation ("Big Red") (TSX VENTURE:DIA) is pleased to announce
that it has closed a non-brokered private placement of 941units for a total
amount of $470,500 (the "Private Placement"). 


Each unit, at a price of $500, is comprised of ten thousand common shares of DIA
at a price of $0.05 per share and ten thousand common share purchase warrants.
Each common share purchase warrant shall entitle its holder to subscribe for one
common share of DIA at a price of $0.10 per share for a period of 24 months
following the date of closing of the Private Placement.


All securities issued in connection with the Private Placement will be subject
to a resale restriction of four months and one day. In connection with the
Private Placement, Big Red paid finders' fees to Canaccord Genuity Corp in the
amount of $45,000 plus compensation options to purchase 90 units at a price of
$500 per unit, for a period of 24 months from the date of closing of the Private
Placement.


The proceeds of the Private Placement will be used for working capital purposes
and to fund our upcoming exploration program at our Attawapiskat Diamond Project
where diamondiferous kimberlite intersections were reported from two drill holes
by our joint venture partners in July 2009. This project is located
approximately 7 kilometers south of the Victor Diamond Mine operated by De
Beers. 


Proceeds will also be used to further our exploration on our Bristol Gold
project where previously anomalous gold values were reported. Our project is
located in the West Timmins gold camp, approximately 6 km north of Lake Shore
Gold's Timmins mine and its Thunder Creek discovery. 


Additionally, proceeds will also be used towards our 100% owned 4,712 hectares
Rare Earth Element ("REE") project , located approximately 50 km North West of
Sept-Iles, Quebec in order to follow up on the encouraging conclusions of an
airborne survey which was completed in the fall of 2009 identifying a 5 x 5km
circular magnetic anomaly. These circular magnetic patterns, according to
Danielle Giovenazzo, Ph.D, P. Geo, are similar to those associated with other
REE properties such as Quest Uranium's Misery Lake project. (see Big Red's press
release dated December 8, 2009). 


About Big Red Diamond Corporation

Big Red Diamond Corporation is a junior exploration company with exploration
projects in the Attawapiskat diamond exploration project located in the Ontario
James Bay Lowlands, surrounding De Beers' Victor diamond deposit, near
Sept-Iles, Quebec for Rare Earth Elements and in the West Timmins Gold camp. 


We seek safe harbour 

Neither 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.

Grafico Azioni Margaret Lake Diamonds (TSXV:DIA)
Storico
Da Dic 2024 a Gen 2025

Grafico Azioni Margaret Lake Diamonds (TSXV:DIA)
Storico
Da Gen 2024 a Gen 2025