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Gold/Mining/Energy : Diamonds North Resources Ltd -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (54)	12/12/2002 6:50:34 PM
From: kidl	Read Replies (1) \| Respond to of 334

Diamonds North closes 2,373,706-unit financing Diamonds North Resources Ltd DDN Shares issued 10,001,033 Dec 11 close $0.64 Thu 12 Dec 2002 News Release Mr. Mark Kolebaba reports DIAMONDS NORTH RAISES $1,661,594.60 Diamonds North Resources has completed the brokered private placement announced in Stockwatch Nov. 6, 2002. A total of 2,373,706 units at a price of 70 cents per unit were issued on Dec. 11, 2002. Each unit consists of one flow-through common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of 80 cents per common share until Dec. 11, 2003. Broker warrants equal to 10 per cent of the total number of units sold have been issued to the agents entitling them to purchase a total of 237,371 common shares at 70 cents per share until Dec. 11, 2003. Dundee Securities Corp. was issued 142,423 broker warrants and Haywood Securities Inc. was issued 94,948 broker warrants. The agents also received a cash fee equal to 7.5 per cent of the gross proceeds. The units are subject to a four-month hold period and may not be traded until April 12, 2003. Proceeds from this financing will be used to further advance Diamonds North's extensive diamond property portfolio. Over the next few weeks diamond analyses are expected for 750 kilograms of subcrop from the Pegasus, Sculptor and Zeta kimberlites, on the wholly owned Blue Ice project, Victoria Island. On the Hadley Bay project (optioned 50 per cent to Canabrava Diamond Corp.) diamond analyses are pending for the Neptune, Turnstone and Juno kimberlite samples. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com