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Gold/Mining/Energy : Canabrava Diamond

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To: Diamond Daze who wrote (2372)	9/17/2002 8:04:56 PM
From: Diamond Daze	of 2402

Canabrava Diamond Corp - News Release Canabrava to raise $2-million in unit placement Canabrava Diamond Corp CNB Shares issued 51,348,505 Sep 16 2002 close $ 0.21 Tuesday September 17 2002 News Release Mr. George Read reports CANABRAVA DIAMOND PROPOSES A $2 MILLION FINANCING Canabrava Diamond proposes to raise up to $2-million by way of private placement. Subscribers may elect to purchase flow-through units or non-flow-through units at 18 cents per unit. Each flow-through unit will consist of one flow-through common share and one-half of a non-flow-through common share purchase warrant. Each non-flow-through unit consists of one common share and one common share purchase warrant. One whole share purchase warrant will entitle the holder to buy one common share for 30 cents within 12 months after closing. Gross proceeds of up to $2-million from the private placement will, subject to regulatory approval, be used by Canabrava for continuing exploration and development programs and general working capital. Haywood Securities Inc. will act as agent for the financing on a best efforts basis and be paid a cash commission of 7.5 per cent of gross proceeds from the sale of all units and receive broker warrants equal to 10 per cent of the total number of units sold. Each broker warrant will entitle the holder to purchase one common share at a price of 21 cents within 12 months after closing. Also, the company proposes to make application to the TSX Venture Exchange to reduce to 30 cents the exercise price of the company's three million Series A, 405,000 Series B and 1.8 million Series C share purchase warrants. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com old url (better for printing)

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