Alpha Diamond Corp. Announces Dividend, Capital Stock Restructure And Change Of Name To African Resources, Inc.TORONTO--(BUSINESS WIRE)--June 17, 1998--ALPHA DIAMOND CORP. (OTC/BB:ALDM ALDM Augmented Lagrangian Decomposition Method ) announced today that the shareholders have voted to change the name of the corporation to AFRICAN African pertaining to or originating in Africa. African buffalo includes black Cape buffalo, red Congo buffalo and red-brown varieties from Abyssinia to Niger. See also buffalo. RESOURCES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . and to restructure the capital stock of the corporation to include two classes of Common Stock and two classes of Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The new Preferred Stock entitlements include: Class A Preferred - 3% of gross net revenues to be issued as a Dividend and Class B Preferred - 5% of gross net revenues to be issued as a Dividend. The Company also announced a stock dividend for all shareholders of record. Under the terms of the stock dividend, shareholders of record will receive One Class A Preferred Share of AFRICAN RESOURCES, INC. for each Common share of ALPHA DIAMOND CORP. Common Share Stockholders are advised to exchange their certificates evidencing Common Shares of ALPHA DIAMOND CORP. for Class B Common Shares of AFRICAN RESOURCES, INC. immediately. The exchange is to be effected on a One Common Share of ALPHA DIAMOND CORP. for One class B Common Share of AFRICAN RESOURCES INC. Under the terms of the stock dividend, Stockholders of record will receive One Class A preferred Share of AFRICAN RESOURCES, INC. for each common Share of ALPHA DIAMOND CORP. To Qualify for the stock dividend, Stockholders must convert their current Common Shares into the new Class B Common Shares of AFRICAN RESOURCES, INC. on a one for one basis. Further details of the transactions shall be outlined in a shareholder mailing . Shareholders are advised to contact the company directly should they have any questions or concerns @ 1-800-216-5334. Rick Brodzik, president of ALPHA DIAMOND CORP. stated, "The Company is structuring itself for a new fiscal year which will see ALPHA DIAMOND CORP. develop its Konkoure River concession into a viable full scale mining operation in western Africa. The name change more aptly describes the broad spectrum of our future mining operations and the capital stock restructure affords us a class of securities for future financing through our investment bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. - to be effected during the third quarter of this year- without diluting the present equity ownership of our stockholders." In a previous press release, ALPHA DIAMOND CORP. announced the terms of a $5,000,000 Investment Banking package with Union Trading-Financial Ltd. of Amsterdam, Netherlands. Regarding the Dividend, Mr. Brodzik state, "The Class B Preferred Dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) is the company's means of rewarding those shareholders whom have loyally supported the company's efforts. Our principal gold and diamond concession on the Konkoure River, Guinea, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. , has had soil samples from various locations in the mining concession submitted to "Noble Metal labs, of California, as well as "American Assay Laboratories," of Nevada, which verify the presence of Gold and Titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. ." This press release includes statements which may constitute forward looking statements made pursuant the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward looking statements. Factors which could cause or contribute to such differences include, but are not limited to factors detailed in the Company's Securities and Exchange Commission filings.
CONTACT: Rick Brodzik, 561-833-5560
www.africandiamonds.com
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