Below you will see a PR which ALdm states their intentions to combat the shorts. In addition, they are also pursuing legal methods to correct the situation. Their attorney is working on the necessary papers to file suit against a financial institution.
All this is a bonus though. The company itself shows great revenue potential once they initiate the mining operations.
Jake
Alpha Diamond Corp. Announces Dividend, Capital Stock Restructure And Change Of Name To African Resources, Inc.
TORONTO--(BUSINESS WIRE)--June 17, 1998--ALPHA DIAMOND CORP. (OTC/BB:ALDM) announced today that the shareholders have voted to change the name of the corporation to AFRICAN RESOURCES, INC. and to restructure the capital stock of the corporation to include two classes of Common Stock and two classes of Preferred Stock. The new Preferred Stock entitlements include: Class A Preferred - 3% of gross net revenues to be issued as a Dividend and Class B Preferred - 5% of gross net revenues to be issued as a Dividend. The Company also announced a stock dividend for all shareholders of record. Under the terms of the stock dividend, shareholders of record will receive One Class A Preferred Share of AFRICAN RESOURCES, INC. for each Common share of ALPHA DIAMOND CORP.
Common Share Stockholders are advised to exchange their certificates evidencing Common Shares of ALPHA DIAMOND CORP. for Class B Common Shares of AFRICAN RESOURCES, INC. immediately. The exchange is to be effected on a One Common Share of ALPHA DIAMOND CORP. for One class B Common Share of AFRICAN RESOURCES INC. Under the terms of the stock dividend, Stockholders of record will receive One Class A preferred Share of AFRICAN RESOURCES, INC. for each common Share of ALPHA DIAMOND CORP.
To Qualify for the stock dividend, Stockholders must convert their current Common Shares into the new Class B Common Shares of AFRICAN RESOURCES, INC. on a one for one basis. Further details of the transactions shall be outlined in a shareholder mailing . Shareholders are advised to contact the company directly should they have any questions or concerns @ 1-800-216-5334.
Rick Brodzik, president of ALPHA DIAMOND CORP. stated, "The Company is structuring itself for a new fiscal year which will see ALPHA DIAMOND CORP. develop its Konkoure River concession into a viable full scale mining operation in western Africa. The name change more aptly describes the broad spectrum of our future mining operations and the capital stock restructure affords us a class of securities for future financing through our investment bankers - to be effected during the third quarter of this year- without diluting the present equity ownership of our stockholders."
In a previous press release, ALPHA DIAMOND CORP. announced the terms of a $5,000,000 Investment Banking package with Union Trading-Financial Ltd. of Amsterdam, Netherlands.
Regarding the Dividend, Mr. Brodzik state, "The Class B Preferred Dividend is the company's means of rewarding those shareholders whom have loyally supported the company's efforts. Our principal gold and diamond concession on the Konkoure River, Guinea, West Africa, has had soil samples from various locations in the mining concession submitted to "Noble Metal labs, of California, as well as "American Assay Laboratories," of Nevada, which verify the presence of Gold and Titanium."
This press release includes statements which may constitute forward looking statements made pursuant the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward looking statements. Factors which could cause or contribute to such differences include, but are not limited to factors detailed in the Company's Securities and Exchange Commission filings.
CONTACT:
Rick Brodzik, 561-833-5560
www.africandiamonds.com |
