Archangel Diamond Corporation Announces Completion of Major Financing.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 22, 1998--The Board of Directors of 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. Diamond Corporation (the "Corporation") (VSE See DOS/VSE. VSE - Virtual Storage Extended : AAD AAD American Academy of Dermatology. AAD American Association of Dermatology ) is pleased to announce that it has completed a private placement with Task Holdings Limited ("Task") of 11,924,166 equity units (the "Units") of the Corporation at an issue price of C$1.20 per Unit resulting in gross proceeds to the Corporation of approximately C$14,309,000. The private placement to Task was previously announced by the Corporation on April 22, 1998. Each Unit consists of one common share and one common share purchase warrant (the "Warrants"). Each Warrant is exercisable at any time on or prior to April 22, 1999 at an exercise price of C$1.68 per Warrant. Archangel Diamond Corporation is an international diamond exploration corporation. The Corporation is continuing, with its Russian joint venture partners, evaluation of the diamondiferous kimberlitic pipe, the Grib Pipe, and continuing exploration within the Corporation's 400 square kilometre Verkhotina project area in northwest Russia. On behalf of Archangel Diamond Corporation Tim Haddon, 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 Gary Davis or Linda Weir, 604/687-4452 or 888/626-8223 |
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