Post by Franko10 ™ on Sept 16, 2004 7:53:44 GMT -5
Diagem International Resource Corp. (the "Company") is pleased to report that it has achieved completion on all the major conditions of the Amalgamation Agreement between the Company and Emerging Africa Gold ("EAG") Inc., announced August 21, 2001. The details are as follows:
The $1,750,000 private placement financing, including participation by the Dundee Precious Metals Fund and Northbrock Capital Inc., has been closed and the funds received. The revised proceeds consist of $0.20 units comprising of one common share and one share purchase warrant entitling the holder to purchase an additional common share at a price of $0.23 in the first year and $0.33 in the second year. These funds will be used to further advance the alluvial and kimberlite diamond projects in Brazil as well as for general working capital.
The Canadian Venture Exchange has granted conditional approval of the terms and conditions of the Amalgamation Agreement.
The Canadian Venture Exchange has approved the share for debt transaction, extinguishing shareholder loans totaling $2,766,313.30 payable to David Cohen, President and Director of the Company through the issuance of 13,831,566 common shares.
Both parties to the amalgamation have satisfactorily completed the due diligence process.
EAG holds, approximately, a 28% interest in KWG Resources Inc. ("KWG").
Upon finalization of the amalgamation, Diagem will, initially, have a combined processing capacity of up to 35 cubic metres per hour. The Company plans to process diamond-bearing material from three different properties located in the Juina Diamond region, Mato Grosso State, Brazil. Moreover, Diagem has a 100% interest in six diamondiferous kimberlite pipes in the same area.
Additionally, the Company will have a significant interest in KWG. KWG has a 51% interest in joint ventures with Spider Resources Inc. These joint ventures have interests in seven diamond-bearing kimberlites in the James Bay Lowlands, a joint venture with DeBeers Canada, and a 45 square kilometer property in Wawa containing 20 diamond occurrences; all properties are in Ontario, Canada.
Although the amalgamation has been a complex and time-consuming process to date, Diagem can now begin to benefit from some of the opportunities it has generated, for example:
With the financing in place, the Company can accelerate its alluvial diamond production and kimberlite evaluation activities in Brazil. The first "Moveable plant" has been completed and, along with heavy earth moving equipment and personnel, is on site ready to commence processing alluvial gravels this week. Results will be released periodically.
From EAG we have inherited the support, and long-term financial backing, of Dundee Precious Metals Fund and Northbrock Capital Inc. further enhancing Diagem's ability to generate and maintain momentum in its projects.
Furthermore, the Company will gain important exposure to Canadian diamond plays, via EAG's significant interest in KWG, represents a new and timely opportunity. Since entering into the Amalgamation Agreement, there has been a rising tide of interest in diamond exploration in a number of regions in Canada, including the aforementioned areas in Ontario.
For and on behalf of
DIAGEM International Resource Corp.
"David Cohen"
President
The $1,750,000 private placement financing, including participation by the Dundee Precious Metals Fund and Northbrock Capital Inc., has been closed and the funds received. The revised proceeds consist of $0.20 units comprising of one common share and one share purchase warrant entitling the holder to purchase an additional common share at a price of $0.23 in the first year and $0.33 in the second year. These funds will be used to further advance the alluvial and kimberlite diamond projects in Brazil as well as for general working capital.
The Canadian Venture Exchange has granted conditional approval of the terms and conditions of the Amalgamation Agreement.
The Canadian Venture Exchange has approved the share for debt transaction, extinguishing shareholder loans totaling $2,766,313.30 payable to David Cohen, President and Director of the Company through the issuance of 13,831,566 common shares.
Both parties to the amalgamation have satisfactorily completed the due diligence process.
EAG holds, approximately, a 28% interest in KWG Resources Inc. ("KWG").
Upon finalization of the amalgamation, Diagem will, initially, have a combined processing capacity of up to 35 cubic metres per hour. The Company plans to process diamond-bearing material from three different properties located in the Juina Diamond region, Mato Grosso State, Brazil. Moreover, Diagem has a 100% interest in six diamondiferous kimberlite pipes in the same area.
Additionally, the Company will have a significant interest in KWG. KWG has a 51% interest in joint ventures with Spider Resources Inc. These joint ventures have interests in seven diamond-bearing kimberlites in the James Bay Lowlands, a joint venture with DeBeers Canada, and a 45 square kilometer property in Wawa containing 20 diamond occurrences; all properties are in Ontario, Canada.
Although the amalgamation has been a complex and time-consuming process to date, Diagem can now begin to benefit from some of the opportunities it has generated, for example:
With the financing in place, the Company can accelerate its alluvial diamond production and kimberlite evaluation activities in Brazil. The first "Moveable plant" has been completed and, along with heavy earth moving equipment and personnel, is on site ready to commence processing alluvial gravels this week. Results will be released periodically.
From EAG we have inherited the support, and long-term financial backing, of Dundee Precious Metals Fund and Northbrock Capital Inc. further enhancing Diagem's ability to generate and maintain momentum in its projects.
Furthermore, the Company will gain important exposure to Canadian diamond plays, via EAG's significant interest in KWG, represents a new and timely opportunity. Since entering into the Amalgamation Agreement, there has been a rising tide of interest in diamond exploration in a number of regions in Canada, including the aforementioned areas in Ontario.
For and on behalf of
DIAGEM International Resource Corp.
"David Cohen"
President