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$5 MILLION PRIVATE PLACEMENT FINANCING COMPLETED

 VANCOUVER, British Columbia, Nov. 1 /PRNewswire/ -- Jean-Raymond Boulle, president of Diamond Fields Resources Inc. (Vancouver: DFR) (the "company") is pleased to announce that the company has closed its brokered private placement of 1,495,500 special warrants at $3.40 per special warrant for total proceeds to the company of $5,084,700. Each special warrant entitles the holder on exercise to one additional common share of the company for no additional consideration. The company is obliged to file a prospectus in Ontario and British Columbia by no later than 120 days from Oct. 29, 1993, qualifying the sha ?to be issued on exercise of the special warrants for resale. In the event that a final receipt for the prospectus is not obtained by the deadline in each of the said jurisdictions, each special warrant will entitle the holder to receive on exercise 1.1 common shares of the company.
 A commission of 52,342 common shares of the company was paid on closing of the private placement to the company's agents, Yorkton Securities Inc. and First Marathon Securities Ltd. by issuance of 26,171 common shares to each of First Marathon Securities Ltd. and Yorkton Securities Inc.
 A portion of the above placement, comprising 782,000 special warrants and the subscription funds of $2,658,800, have been closed into escrow and are being held by the company's transfer agent Pacific Corporate Trust Co. pending completion of the acquisition by the company of certain Venezuelan assets previously announced in the company's press release dated Sept. 21, 1993.
 -0- 11/1/93
 /CONTACT: Jean-Raymond Boulle, president, 604-688-7166/
 (DFR.)


CO: Diamond Fields Resources Inc. ST: British Columbia IN: MNG SU: OFR

MF-JB -- LA032 -- 9201 11/01/93 13:36 EST
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Publication:PR Newswire
Date:Nov 1, 1993
Words:289
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