DIAMONDWORKS DMW.v Message Board

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Gold/Mining/Energy : DIAMONDWORKS DMW.v

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To: russet who wrote (391)	4/22/2003 12:46:48 PM
From: marcos	of 413

Financials came out last thursday, .18/sh net income, that's pretty healthy considering Otterbea was contributing for only half of the fiscal year ... future is definitely brighter here ..... the md&a portion makes quite a read, here's the financing and liquidity part - ' Financing and Liquidity With the profitability of the trading operations, the burden of a working capital deficit has eased considerably. The Company has been able to fund its monthly overhead and some new ventures. The negative working capital at November 30, 2002 was $0.2 million compared to a negative working capital of $10.7 million at November 30, 2001. Trading – With the trading track record of Otterbea, the Company was able to obtain an unsecured “special purpose vehicle revolving credit” of $100 million to enable it to fund the crude oil contract and a further unsecured credit of $18 million to fund the maize contract. Further credit of $24.75 million was obtained and secured by crude oil inventory. Other trading operations were funded by normal unsecured overdraft facilities. Mining – Operations in Sierra Leone were funded by the Magma loan. The monthly overhead was funded by Lyndhurst Limited, a major shareholder of DiamondWorks.'

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