Global Diamond Resources Inc. Liquidation Order Set Aside.Business Editors LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.--(BUSINESS WIRE)--Nov. 15, 2001 Global Diamond Resources Inc., ("Global") is pleased to announce that the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy order of Global's South African subsidiary company granted on Sept. 6, 2001 was set aside by the High Court of South Africa The High Court of South Africa is a court of law in South Africa. The court, when constituted in 1994, inherited the jurisdiction of the provincial and local divisions of the Supreme Court of South Africa that was formally abolished following the post apartheid settlement . on Nov. 15, 2001. Global's major shareholders have agreed to support the company and provide it with the funds required to pay all the amounts owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de creditors through a private placement of common stock. To this end the shareholders have already sent $243,650 that was required to appeal for the order of liquidation to be set aside and repay the amount owing to the Standard Bank of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . Management believes that Global has over 100 million tons of in-situ diamondiferous resources containing large high quality gemstone gemstone Any of various minerals prized for beauty, durability, and rarity. A few noncrystalline materials of organic origin (e.g., pearl, red coral, and amber) also are classified as gemstones. diamonds. From less than 1.3 percent of these resources Global has produced 1,416 carats of diamonds at $1,457 per carat at Grasdrif and has produced 7,502 carats of diamonds at $367 per carat at Caerwinning. This press release contains forms of forward-looking statements that are based on the Company's beliefs as well as assumptions made by and on information currently available to the Company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's 2000 annual Report on Form-10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated, or projected and the variations may be material. For more information about Global visit our Web site at http://www.globaldiamond.com or call 858/459-0045. |
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