Archangel Diamond to Raise $3,125,000 in Special Warrant Private Placement.VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 6, 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. Diamond Co(VSE See DOS/VSE. VSE - Virtual Storage Extended AAD AAD American Academy of Dermatology. AAD American Association of Dermatology . ) Archangel Diamond Corporation (the "Company") (VSE:AAD.V), an international diamond exploration company, has concluded negotiations for the private placement of up to 2,700,000 special warrants (the "Special Warrants" at $1.25 per Special Warrant for aggregate gross proceeds of $3,125,000. Each Special Warrant will be exchangeable by the holder thereof without payment of additional consideration into one unit consisting of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase one common share in the capital at an exercise price of $1.70 per common share for a period of two years from the closing date of the Special Warrant private placement. Canaccord Capital Corporation is acting as agent for the Company in connection with the private placement of the Special Warrants. The private placement is expected to close in one or more tranches Tranches A piece, portion or slice of a deal or structured financing. This portion is one of several related securities that are offered at the same time but have different risks, rewards and/or maturities. "Tranche" is the French word for "slice". beginning on August 7, 1997. 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 offering will be used for the work program on the Company's Verkhotina project in the Russian Republic Russian Republic may refer to one of the following states in the history of Russia.
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 within 120 days of the closing of the Special Warrant private placement, each holder of 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. Canaccord Capital Corporation ("Canaccord") has agreed to apply the amount of an advisory fee which is payable by the Company in respect of certain financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal rendered by Canaccord under the terms of a financial advisory services agreement previously entered into between the parties towards the subscription for 200,000 Special Warrants for its own account. The Company has also agreed to grant to Lion Mining Finance Ltd. of London, England, broker warrants to purchase 150,000 common shares of the Company at an exercise price of $1.75 for a period of two years from the closing date of the Special Warrant private placement in consideration for its efforts in connection with this financing. The private placement, the purchase of the Special Warrants and the grant of the broker warrants are subject to regulatory approvals. On behalf of Archangel Diamond Corporation "Alex Budzinsky", President and Director 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, 604/687-4452 888/626-8223 or Archangel Diamond Corporation Linda Weir, 604/687-4452 888/626-8223 |
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