Alpha Diamond Corporation Announces Underwriting Agreement.TORONTO, Ontario--(BUSINESS WIRE)--June 4, 1998--Alpha Diamond Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ALDM ALDM Augmented Lagrangian Decomposition Method ) (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :ALDM) announced today at a press conference held in West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. , that the company will offer $5,000,000 of its securities through its underwriter, Union Trading-Financial, Ltd. of Amsterdam, Netherlands during the third quarter of 1998. The 1,000,000 unit offering consists of convertible and redeemable preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. and warrants. Alpha Diamond Corporation owns natural resource concessions in Africa. The company's primary concession is on the Konkouree River in Guinea which has proven in a recent Black Sand Assay to consist of 923 Troy oz of gold per ton and a mineral consistency of 45.5% titanium. Mr. Lou Supera, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Gold Rivers of Africa This is a list of rivers of Africa. See each river's article for its tributaries, drainage areas, etc. Southern Africa
Mr. Rick Brodzik, CEO of Alpha Diamond, disclosed the proceeds of the underwriting are to be allocated toward the development of the Konkouree River concession into a full mining operation immediately following the rainy season. In addition the Company is currently negotiating for other Concessions in Guinea. Mr. Brodzik went on to state, "We firmly believe that the mining operation can yield a mineral value of approximately $300 par cubic yard." Trading in Alpha Diamond Corporation's common shares has been unusually active recently, with a of 2,700,000 on April 28th, 1998 and 1,250,000 exchanging hands on June 3, 1998. When asked to comment on the large trading volumes, Mr. Brodzik stated, "We feel that due to the large daily trading volume that there is obviously an accumulated short position which exceeds the number of shares that are eligible to be traded!" Mr. Brodzik concluded, "The Company also plans to propose a name change, to the shareholders, which would more accurately reflect to nature of the Company's business." -0- Note: Certain statements contained in this press release may be deemed forward-looking statements within the Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect the Company's views of the date they are made with respect to future events, but are subject to many risks and uncertainties, which could cause the actual results of the Company to differ materially from any future results expressed or implied by such forward-looking statements. The Company does not undertake to update any forward-looking statements. For further information contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 1-800-216-5334.
CONTACT: Investor Relations, 1-800-216-5334
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