Canabrava Closes a $719,000 Financing.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Oct. 11, 2002 Canabrava Diamond Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) ) ("Canabrava") announced that the proposed private placement disclosed on September 17, 2002 has now closed and it has received gross proceeds of $719,628. Subscribers elected to purchase 1,336,779 flow through units at $0.18 per unit and 2,661,145 non-flow through units at $0.18 per unit. Each flow through unit consisted of one flow through common share and one-half of a non-flow through common share purchase warrant. Each non-flow through unit consisted of one common share and one common share purchase warrant. One whole share purchase warrant entitles the holder to buy one non-flow through common share for $0.30 within 12 months after closing. Haywood Securities Inc. acted as agent for the financing and was paid a commission of 7.5% of gross proceeds from the sale of the shares and units and received 399,792 broker warrants. Each broker warrant entitles the holder to purchase one non-flow through common share at a price of $0.21 within 12 months after closing. 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 sale of the private placement will be used for ongoing exploration and development and general working capital, subject to flow through funding expenditure requirements. Canabrava Diamond Corporation is actively exploring for diamonds in Canada and Brazil both independently and through major joint ventures with Diamonds North Resources Ltd., Kennecott Canada Exploration Inc., Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator Exploration Corp., and Paramount Ventures and Finance Inc. The Company is 39.1% owned by Southwestern Resources Corp. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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