Alpha Diamond Corp. Clarifies Announcement Regarding Dividend, Capital Stock Restructure and Name Change
TORONTO--(BUSINESS WIRE)--July 16, 1998--ALPHA DIAMOND CORP.
(OTC BB:ALDM, AFRI) announced today that the corporation's name is now
AFRICAN RESOURCES, INC. The trading symbol for the Company will also
change to AFRI. The capital stock of the corporation has been changed
to include two classes of Common Stock and two classes of Preferred
Stock.
Common Share Stockholders are advised to exchange their
certificates evidencing Common Shares of ALPHA DIAMOND CORP. for Class
B Common Shares of AFRICAN RESOURCES INC. immediately. The exchange is
to be effected on a One Common Share of ALPHA DIAMOND CORP. for one
Class B Common Share of AFRICAN RESOURCES, INC. Under the terms of the
stock dividend, Stockholders of record will receive One Class A
Preferred Share of AFFRICAN RESOURCES, INC. for each Common Share of
ALPHA DIAMOND CORP. To Qualify for the stock dividend, Stockholders
must convert their current Common Shares into the new Class B Common
Shares of AFRICAN RESOURCES, INC. on a one for one basis. Further
details of the transactions shall be outlined in a shareholder mailing
and will also be posted on the Company's Website at
www.africandiamonds.com. Shareholders are advised to contact the
company directly should they have any questions or concerns at
1-800-216-5334 or email the Company through its website.
Rick Brodzik, president of AFRICAN RESOURCES,INC. stated, "The
Company's cancellation of the joint venture with Angola Diamond
Company and the accompanying dividends are completely separate from
the preferred shares stated herein. African Resources, Inc. is
structuring itself for a dynamic new fiscal year as all licenses,
permits and necessary paperwork are in place for its mining project on
the Konkoure River, Guinea, West Africa. The Company management's
opinion of the potential profitability of this site dictates that it
will be focusing exclusively in Guinea. The Company expects to be in
production this fall once the rainy season has ended. Furthermore, due
to the interest received from Europe, the Company has undertaken to
have its Website posted in several languages."
This press release includes statements which may constitute
forward looking statements made pursuant to the safe harbor provision
of the Private Securities Litigation Reform Act of 1995. These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the forward looking
statements. Factors which would cause or contribute to such
differences include, but are not limited to factors detailed in the
Company's Securities and Exchange Commission filings.
CONTACT:
African Resources, Inc.
561/833-5560
www.africandiamonds.com
KEYWORD: NEW YORK
BW0090 JUL 16,1998 8:00 PACIFIC 11:00 EASTERN
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