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Harry Winston Diamond moots private placement of shares
Mar '08
Harry Winston Diamond Corporation announced it has entered into agreements to sell, on a non-brokered private placement basis, 3 million common shares of the Corporation at CAN$25 per share.

As no fees or commissions are payable on this transaction, net proceeds to the Corporation are expected to be CAN$75 million.

This transaction will bring the issued and outstanding shares of the corporation to 61,372,091 million and represents a 5% dilution. Closing of the transaction is subject to TSX approval and is expected to occur on or before March 14, 2008.

The transaction was necessary for the Corporation to pursue a new credit facility for Harry Winston Diamond Corporation on satisfactory terms and conditions.

Once completed, the new facility, together with proceeds from the abovementioned transaction and general cash-flow, are expected to fund the Corporation's portion of the previously announced underground mine plan at the Diavik Diamond Mine.

Diamond production from underground, scheduled to begin in 2009 and continue beyond 2020, will add significant NPV to the project as well as enhance mine life.

In addition to the private placement agreement, Harry Winston Inc, the Corporation's diamond jewelry and watch retailer, recently completed a separate US$250 million five-year credit facility to self support the retail division's operations and future salon expansion.

Harry Winston Diamond Corporation

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