TORONTO, ONTARIO--(Marketwire - June 3, 2009) - Talmora Diamond Inc. (CNSX:TAI) is pleased to announce that it has completed a non-brokered private placement of 6,118,571 Units, comprised of 3,318,571 Hard Dollar Units and 2,800,000 Flow-Through Units, that were sold at $0.05 per Unit, for gross proceeds of $305,929 effective June 03, 2009. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant ("Warrant") entitles the holder to acquire one common share for $0.16 until June 03, 2011. If during the term of the Warrants the common shares of Talmora trade at or above Can. $0.25 for a period of 20 consecutive trading days, the Company may notify the warrant holder to exercise the Warrants at a date no later than 30 calendar days after this notification date or forfeit any unexercised Warrants at that time. All securities issued pursuant to the financing are subject to a four month hold period which expires on October 04, 2009. Insiders acquired a total of 1,850,000 Units in the financing. The Company paid finders fees of $5,400. The proceeds of the financing will be applied to fund exploration and for working capital.
Talmora holds 13 contiguous prospecting permits (577,153 acres) and 50 mineral claims (41,939.8 acres) straddling the 68th parallel in the Horton River area south of Paulatuk in the Northwest Territories. Ten of the permits are in the Sahtu Settlement Region and three permits and all the claims in the Inuvialuit Settlement Region.
Previous sampling showed a strong correlation between kimberlite indicator minerals in till samples and magnetic anomalies with characteristics of kimberlite pipes. Financing exploration programs in 2008 was difficult, especially following the financial crisis and a drill program to test some of Talmora's targets was postponed.
A small exploration program in 2009 will focus on follow-up sampling and magnetic surveying of additional kimberlite targets in preparation for a major drill program when financing becomes easier.
The technical information contained in this release was compiled by Alan W. Davies, P.Eng., P.G., who is the Vice-President of Exploration for Talmora. Alan W. Davies is a qualified person as defined by National Instrument 43-101.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Talmora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Talmora's expectations are exploration risks detailed herein and from time to time in the filings made by Talmora with securities regulators.
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