Debut Diamonds Completes Private Placement

Toronto, Ontario, Canada – December 23, 2011 – Debut Diamonds Inc. (“Debut”) is pleased to announce that it successfully completed a $1,500,000 private placement (the “Private Placement”).  An aggregate of 4,285,715 units (“Units”) were sold to funds of the MineralFields Group at $0.35 per Unit for gross proceeds of $1,500,000.  Each Unit is comprised of one flow-through common share and one-half of a flow-through common share purchase warrant.  Each whole warrant (a “Warrant”) entitles the holder to purchase one non-flow-through common share at any time for a period of two years, at a price of $0.45.

A finder received as aggregate compensation (i) 5.0% cash commission, and (ii) 428,571 finder’s options (each a “Finder’s Option”), being 10% of the aggregate number of Units purchased under the Private Placement.  Each Finder’s Option entitles the holder to purchase one unit (each a “Finder’s Unit”) at a price of $0.35 per Finder’s Unit.  Each Finder’s Unit consists of one non flow-through common share and one half of one common share purchase warrant.  Each whole warrant is exercisable at a price of $0.45 for a two year period from closing.

The gross proceeds to Debut from the Private Placement will be used to fund exploration expenses which qualify as “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) in connection with Debut’s projects in Ontario, including its Nakina properties in Thunder Bay and Porcupine.

All the securities issued pursuant to the Private placement are subject to a four (4) month hold period expiring April 23, 2012.

The common shares of Debut were listed on the Canadian National Stock Exchange (“CNSX”) on December 13, 2011.  Pursuant to a previously announced share distribution, KWG Resources Inc. set the close of business on Thursday, December 15, 2011, as the time and date when determining its shareholders of record who will be entitled to participate in the distribution of the shares of Debut.  For every 100 shares of KWG then held, shareholders will receive six shares of Debut on December 28, 2011.  It is expected that mailing of the share distribution will be completed on December 30, 2011.

This Press Release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction.  The common shares and the Warrants comprising the Units or issuable upon exercise of the Warrants and Finder’s Options will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements.

This Press Release contains forward-looking statements regarding development of Debut’s projects that may involve a number of risks and uncertainties, including market conditions. Actual events or results could differ materially from Debut’s forward-looking statements and expectations herein.

For further information, please contact:

Bruce Hodgman

Vice President

Tel: (416) 642-3575

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