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DIAMOND FIELDS ANNOUNCES $7 MILLION CDN. FINANCING

 VANCOUVER, British Columbia, July 9 /PRNewswire/ -- Diamond Fields Resources Inc. (the "company") is pleased to announce that it has agreed to carry out a brokered private placement with First Marathon Securities Ltd. and Yorkton Securities Inc. to raise up to $7,150,000 Cdn. by the issuance of up to 1,300,000 special warrants of the company at $5.50 Cdn. per special warrant, with each special warrant entitling the holder to one common share and one share purchase warrant exercisable into one additional common share of the company for a period of three years, at a price of $6.50 Cdn. per share if exercised in the first year, $7.00 Cdn. per share if exercised in the second year and $7.50 Cdn. per share if exercised in the third year. Commissions in the amount of 7 percent will be paid to First Marathon Securities Ltd. and Yorkton Securities Inc. This private placement is subject to the approval of the Vancouver Stock Exchange.
 The issuance of common shares and common share purchase warrants upon exercise of the special warrants will be qualified by prospectus which will be filed as soon as possible, with the company to use its best efforts to clear the prospectus before Nov. 15, 1993. If the final prospectus is not cleared by Nov. 15, 1993, the special warrants will entitle the holder to receive, upon exercise, 1.1 common share purchase warrant.
 The proceeds from the private placement will be added to the working capital of the company for further exploration and development of the company's various diamond properties, including its sea diamond concession in Namibia, Africa, as well as for the acquisition of additional equipment to increase its diamond production in Namibia.
 -0- 7/9/93
 /CONTACT: Jean-R. Boulle, president of Diamond Fields Resources, 501-777-0600/
 (DFR.)


CO: Diamond Fields Resources Inc. ST: Arkansas IN: MNG SU:

BP -- LA027 -- 0007 07/09/93 15:08 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
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