Diagem raises stakes in KWG Resources and Spider Resources 9/20/04 VANCOUVER, Sep 20, 2004 (The Canadian Press via COMTEX) --
Diagem International Resource Corp. has raised its stakes in two joint venture mining partners after the Vancouver company helped to finance their base metal and diamond projects in Ontario.
Diagem (TSXV:DGM) said Monday it had exercised its option to convert an eight per cent interest in the joint venture properties of KWG Resources Inc. and Spider Resources Inc. into nearly 8.7 million and 9.6 million shares of the respective companies.
Diagem now holds about 36.6 per cent of Montreal-based KWG (TSXV:KWG) and 5.6 per cent of Spider (TSXV:SPQ), based in Toronto.
Diagem earned the eight per cent interest when it completed a $2-million flow-through funding of the joint venture's main diamond and base metal projects in Northern Ontario.
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