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ROBERTSON STEPHENS & COMPANY ACQUIRES SPECIAL WARRANTS

 SAN FRANCISCO, March 21 /PRNewswire/ -- This press release is issued by Robertson, Stephens & Company, Inc. ("RS&Co., Inc.") pursuant to Section 93 of the British Columbia Securities Act.
 The Robertson Stephens Contrarian Fund (the "Contrarian Fund") acquired 1,400,000 special warrants and The Robertson Stephens Orphan Fund (the "Orphan Fund") acquired 200,000 special warrants of Diamond Fields Resources Inc. ("Diamond Fields") by private placement on March 15, 1994, at a price of Cdn.$5.00 per special warrant (Cdn.$8,000,000 in the aggregate). The special warrants ("March Special Warrants") are non-transferable and will be deemed to be exercised on March 21, 1995 unless exercised prior thereto. Each March Special Warrant entitles the holder to receive, upon exercise, one common share and one non- transferable share purchase warrant of Diamond Fields (a "March Underlying Warrant"). Two March Underlying Warrants will entitle the holder to purchase one common share of Diamond Fields at a price of Cdn.$5.50 until September 15, 1994 and thereafter at a price of Cdn.$6.00 until March 15, 1995.
 The Contrarian Fund currently owns 89,400 common shares of Diamond Fields, 275,000 special warrants ("January Special Warrants") and the 1,400,000 March Special Warrants referred to above. The January Special Warrants are non-transferable and will be deemed to be exercised on January 25, 1995 unless exercised prior thereto. Each January Special Warrant entitles the holder to receive, upon exercise, one common share and one non-transferable share purchase warrant of Diamond Fields (a "January Underlying Warrant"). Each January Underlying Warrant will entitle the holder to purchase one common share of Diamond Fields at a price of Cdn.$5.00 until January 16, 1995 and thereafter at a price of Cdn.$5.50 until January 16, 1996.
 The Orphan Fund currently owns 163,300 common shares of Diamond Fields, 150,000 non-transferable share purchase warrants ("May Warrants"), 275,000 January Special Warrants and the 200,000 March Special Warrants referred to above. Two May Warrants entitle the holder to purchase one common share of Diamond Fields at a price of Cdn.$2.85 until May 25, 1994 and thereafter at a price of Cdn.$3.25 until May 25, 1995.
 Accordingly, for the purposes of applicable securities legislation, RS&Co., Inc. is deemed to currently own or have control or direction over the following common shares of Diamond Fields:
 (a) If, in accordance with applicable securities legislation, all March Special Warrants held by the Contrarian Fund and the Orphan Fund (the "Funds") were deemed to be exercised, and, in addition, all issued and outstanding special warrants were deemed to be exercised, RS&Co., Inc. would own or have control or direction over 2,402,700 common shares, representing 13.1% of the common shares of Diamond Fields;
 (b) If, in addition, all issued and outstanding May Warrants, January Underlying Warrants and March Underlying Warrants held by the Funds were deemed to be exercised, RS&Co., Inc. would own or have control or direction over 3,827,700 common shares, representing 20.9% of the common shares of Diamond Fields.
 RS&Co., Inc. has acquired its securities of Diamond Fields for investment purposes. RS&Co., Inc. intends to exercise the January Special Warrants and the March Special Warrants on or prior to their expiry date. Depending on economic or market conditions or matters relating to diamond Fields, RS&Co., Inc. may choose to either acquire additional common shares of Diamond Fields or dispose of common shares and/or exercise the Warrants or the Underlying Warrants.
 For the purposes of applicable securities legislation, Messrs. Sanford R. Robertson, Paul H. Stephens, Michael G. McCaffery, G. Randy Hecht and Kenneth R. (the "RS&Co., Shareholders"), Robertson, Stephens & Company, L.P. ("RS&Co., L.P."), Bayview Investors, Ltd. ("Bayview"), the Orphan Fund and the Contrarian Fund may be deemed to be acting jointly or in concert with RS&Co., Inc. in connection with the securities of Diamond Fields. The RS&Co., Shareholders comprise all of the shareholders of RS&Co., Inc. RS&Co., Inc. is the general partner of RS&Co., L.P. RS&Co., L.P. and Bayview are the general partners of the Orphan Fund. RS&Co., L.P. is the general partner of the Contrarian Fund. The Orphan Fund and the Contrarian Fund are the registered owners of all of the securities beneficially owned by RS&Co., Inc. referred to above.
 -0- 3/21/94
 /CONTACT: Paul Stephens, 415-781-9700, for Robertson Stephens & Company/


CO: Robertson Stephens & Company, Inc. ST: California IN: SU: TNM

TW -- NY059 -- 4802 03/21/94 11:25 EST
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Publication:PR Newswire
Date:Mar 21, 1994
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