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Gold/Mining/Energy : Canadian Diamond Play Cafi

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To: Letmebe Frank who wrote (171)	9/20/2002 9:17:12 AM
From: Famularo	Read Replies (1) of 16203

Diamondex arranges $5-million financing Diamondex Resources Ltd DSP Shares issued 27,939,289 Sep 19 close $0.70 Thu 19 Sept 2002 News Release Mr. Randy Turner reports DIAMONDEX RESOURCES LTD.: CORPORATE UPDATE Diamondex has negotiated a brokered private placement with a syndicate led by Dundee Securities Corporation (the "agent") to raise up to $5-million. The private placement will comprise: (a) up to 4,666,667 flow-through units, each flow-through unit comprising one flow-through common share and one-half of one non-flow-through non-transferable share purchase warrant of the company, at 75 cents per flow-through unit; and (b) up to two million non-flow-through units, each non-flow-through unit comprising one non-flow-through common share and one warrant of the company, at 75 cents per non-flow-through unit. One whole warrant will entitle the holder to purchase one additional non-flow-through common share of the company for a period of 12 months from the date of closing of the transaction at 85 cents per warrant share. The agent will: (a) be paid a cash fee equal to 7.5 per cent of the value of the gross proceeds; and (b) receive share purchase warrants entitling the agent to purchase that number of common shares which is equal to 10 per cent of the total number of non-flow-through units and flow-through units sold. One agent's warrant will entitle the agent to purchase one warrant share of the company for a period of 12 months from the date of closing of the transaction at 75 cents per agent's warrant share. The flow-through shares, the non-flow-through shares, the warrant shares and the agent's warrant shares will be subject to a hold period of four months plus one day. The proceeds of the sale of the flow-through units will be used to continue exploration of the company's properties in the Northwest Territories, Nunavut and Quebec. The proceeds of the sale of the non-flow-through units and the proceeds from the exercise of the warrants will be applied to the company's working capital. The private placement transaction is subject to acceptance by the TSX Venture Exchange and any other regulatory authority having jurisdiction.

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