Archangel Diamond Corporation Announces Closing of Private Placements Aggregating $3,750,000.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Sept. 3, 1997-- ARCHANGEL archangel, in religion archangel (ärk`ānjəl), chief angel. They are four to seven in number. Sometimes specific functions are ascribed to them. The four best known in Christian tradition are Michael, Gabriel, Raphael, and Uriel. (VSE See DOS/VSE. VSE - Virtual Storage Extended AAD AAD American Academy of Dermatology. AAD American Association of Dermatology . ) Archangel Diamond Corporation (the "Company") today announced that investors completed the purchase of a second tranche (the 'Second Tranche") and an additional offering (the "Additional Offering') of special warrants of the Company for aggregate gross proceeds of $700,000 and $625,000, respectively, to bring the total gross proceeds of special warrants sold since August 13, 1997 to $3,750,000. The Second Tranche of 560,000 special warrants and Additional Offering of 500,000 special warrants were sold by Canaccord Capital Corporation, by way of private placement, at a price per special warrant of $1.25. The transaction regarding the Second Tranche, was originally announced by a news release issued on August 6, 1997. Because of additional interest in the original offering, the Company today executed an agency agreement with Canaccord Capital Corporation as agent which facilitated the sale today by the Company of the 500,000 special warrants comprising the Additional Offering. Each Special Warrant shall entitle the holder thereof to receive one common share in the capital of the Company and one-half of one Common Share purchase warrant for no additional consideration. Each purchase warrant will entitle the holder thereof to purchase one common share in the capital of the Company at an exercise price of $1.70 per share for a period of two years. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the first tranche of August 13, 1997 (released from escrow today), the Second Tranche and the Additional Offering will be used for the work program on the Company's Verkhotina project in the Russian Federation Russian Federation: see Russia. . The Company has agreed to use its reasonable best efforts to file and obtain receipts for a final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. in each of the provinces of Canada in which purchasers of the special warrants are resident. If receipts for the final prospectus are not issued by December 12, 1997, each holder of all special warrants shall thereafter become entitled to receive 1.1 common shares and 0.55 common share purchase warrants upon the exchange of each special warrant without payment of additional consideration. The private placements and the purchase of the special warrants are subject to regulatory approvals. Archangel Diamond Corporation is an international diamond exploration company. The Company is actively pursuing exploration and development of the 400 square kilometre Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
On behalf of Archangel Diamond Corporation "Alex Budzinsky", 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. , President and Director -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 neither approved nor disapproved of the contents of this news release. CONTACT: Archangel Diamond Corporation Alex Budzinsky, or Linda Weir, 888/626-8223 or 604/687-4452 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion