Finally, the legal problem has been resolved, and Global can resume production. It had received a "liquidation order" regarding certain obligations. All this has been resolved. Stock should start coming back, and is no doubt a very good buy at these levels, if you believe, as I do, tha it will survive and do well.
Here is the last release:
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LIQUIDATION ORDER SET ASIDE
LA JOLLA, Calif. - Global Diamond Resources, Inc., (“Global”) is pleased to announce that the liquidation order of Global’s South African subsidiary company granted on September 6, 2001 was set aside by the High Court of South Africa on November 15, 2001.
Global’s major shareholders have agreed to support the company and provide it with the funds required to pay all the amounts owing to creditors through a private placement of common stock. To this end the shareholders have already sent $243,650 that was required to appeal for the order of liquidation to be set aside and repay the amount owing to the Standard Bank of South Africa.
Management believes that Global has over 100 million tonnes of in-situ diamondiferous resources containing large high quality gemstone diamonds. From less than 1.3% of these resources Global has produced 1,416 carats of diamonds at $1,457 per carat at Grasdrif and has produced 7,502 carats of diamonds at $367 per carat at Caerwinning.
This press release contains forms of forward-looking statements that are based on the Company’s beliefs as well as assumptions made by and on information currently available to the Company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company’s 2000 annual Report on Form-10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated, or projected and the variations may be material.
For more information about Global visit our Website at globaldiamond.com or call Eugene Brill at (800) 424-6533 or (858) 459-0045.
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