another one PP whats up
Friday December 29, 3:32 pm Eastern Time
Press Release
Canabrava Closes $300,000 Private Placement
VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 29, 2000--Canabrava Diamond Corporation (CDNX:CNB. - news; ``Canabrava'') announced today that it has closed a second private placement of 750,000 Series B Units at $0.40 each for gross proceeds of $300,000.
Each Series B Unit consists of one flow-through common share with a four month hold period and one-half of a flow-through common share purchase warrant. Each whole flow-through share purchase warrant will entitle the holder to buy one flow-through common share for $0.50 within 12 months of closing. Strand Securities Corporation assisted Canabrava with the sale of Series B Units and will receive 60,000 Series B Units as compensation.
Combined gross proceeds of $2,300,000, being $300,000 from the sale of 750,000 Series B Units and $2.0 million from the sale of 5,000,000 Series A Units (which closed on December 27, 2000), will be used for ongoing exploration and development programs in Canada and for working capital.
Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., SouthernEra Resources Limited and Navigator Exploration Corp. The Company is 52.5% owned by Southwestern Gold Corporation.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Contact:
Canabrava Diamond Corporation
George H. Plewes, 604/669-2525
604/688-5175 (FAX)
Email: info@canabrava.ca
Website: www.canabrava.ca
or
Canabrava Diamond Corporation
Rory O. Moore, 604/669-2525
604/688-5175 (FAX) |
