DiamondWorks makes numerous board/management changes
DiamondWorks Ltd DMW
Shares issued 225,882,743
1999-12-10 close $0.075
Monday Dec 13 1999
Mr. Robert Rainey reports
Bruce Walsham, Michael Grunberg and Paul Hipps have resigned as directors of
DiamondWorks effective Dec. 10, 1999. Mr. Walsham also resigned from his
position as the company's president and chief executive officer. Robert Rainey, the
company's chief financial officer, has been appointed acting president and chief
executive officer. John Firth, the company's vice-president operations for Angola,
has been appointed to the company's board of directors. Mr. Firth will also
assume the position of chief operating officer. As a result of these changes, the
company's board consists of Mr. Rainey, Brian Menell, Mr. Firth and H.C.
Buitendag of South Africa, and Delu Holender of Venezuela.
As previously reported, the company's ability to continue its operations has, for
some time, been dependent upon the deferral by its creditors of payment of its
loan obligations, the extension of additional credit and the support of certain major
shareholders. As well, the company requires additional equity or debt financing to
invest in the mining equipment and infrastructure necessary to attain profitable
operations. To date, DiamondWorks has been unable to secure the necessary
financing. The company continues to operate at a loss and to be unable to meet its
obligations generally as they come due. If the company is unable to restructure the
company's debts and obtain additional funds, it is unlikely that it will be able to
continue with its existing mining operations. This, in turn, puts at risk the
company's interests in its mines and mineral properties.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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Lookin' ugly, gg ... question is, To bottom-pick it or not? .. and if so, where??
#Ord #Sh Price Price #Sh #Ord
4 31,000 0.07 0.075 5,000 1
2 14,000 0.065 0.08 83,000 5
5 175,000 0.06 0.10 20,000 1
5 145,000 0.05 0.105 29,000 2
1 50,000 0.04 0.11 14,000 2 |
