Canabrava Diamond and Southwestern Gold: Private Placement Closes.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)--April 30, 1999-- CANABRAVA (VSE See DOS/VSE. VSE - Virtual Storage Extended :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) .) SOUTHWESTERN GOLD(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :SWG SWG abbr. standard wire gauge .) Canabrava Diamond Corporation (CNB-V) is pleased to announce that it has sold by way of private placement an aggregate of 3,000,000 units in the capital stock of the Company at a price of $0.80 per unit, for gross proceeds of $2,400,000. Each unit consisted of one common share with a 12 month hold period and one-half of a non-transferable share purchase warrant. Each whole warrant entitles the holder thereof to purchase an additional one common share in the capital stock of Canabrava Diamond at a price of $1.40 per share at any time prior to April 29, 2001. Southwestern Gold Corporation (SWG-T) was the private placee and purchased the 3,000,000 units from Canabrava Diamond. In a separate transaction announced earlier, Southwestern Gold sold through the facilities of 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). 3,000,000 free trading shares of Canabrava Diamond, so that its net shareholdings in Canabrava Diamond effectively remains unchanged at 19,980,550 shares, representing 59.7 percent of its outstanding shares. Southwestern Gold has no current intention to increase the beneficial ownership, control or direction of Canabrava Diamond, other than through the exercise of all or a portion of the 1,500,000 warrants. Southwestern Gold participated in the private placement to improve Canabrava Diamond's financial position. Canabrava Diamond intends to use the proceeds from the private placement for the purposes of project generation and early stage exploration activities, advanced exploration activities on its wholly owned Brazilian properties and unallocated working capital. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada as well as seeking other opportunities worldwide. Southwestern Gold Corporation presently has over 20 joint ventures with companies including Newmont, Pan American Silver, Cominco, Teck Corporation, Paramount Ventures, Southern Peru Copper, Minorco, Cambior and Cedimin. Daniel G. Innes, Director, Canabrava Diamond Corporation John G. Paterson, President, Southwestern Gold Corporation The Vancouver and Toronto Stock Exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. |
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