Adamas Resources - Update on Private Placement Financings.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 18, 1996-- ADAMAS RESOURCES CORP. (VSE See DOS/VSE. VSE - Virtual Storage Extended : AMS AMS - Andrew Message System )--Adamas Resources Corp. (VSE:AMS) reports that the company has filed for final approval on a private placement of 300,000 shares at $0.33 per share announced on July 31, 1996. However, the previously announced private placements of 750,000 units at $0.42 announced on Aug. 20 and 300,000 shares at $0.33 reported on Aug. 1 will not be proceeding. The company sees cancellation of these financings as a direct result of the unforeseen and continuing delays in issuance of the Bakoudou mining permit. To date, Equatorial Gold S.A.R.L. and Sogrem S.A.R.L. have not secured direct ownership of the mining permit, nor is Equatorial Gold in a position to assign free and clear title to their 75 percent interest in the Bakoudou property. Efforts to secure the Bakoudou mining permit are continuing. The Company's trading symbol Trading symbol See: Ticker symbol is VSE-AMS. ON BEHALF OF THE BOARD Stephen Doppler - PRESIDENT -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. CONTACT: Adamas Resources Corp. Investor Relations Department, 800/686-6220 604/685-2248 604/685-5509 (Fax) INTERNET: http://www.kitso.com E-MAIL e-mail: see electronic mail. in full electronic mail Messages and other data exchanged between individuals using computers in a network. : info@kitso.com |
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