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Microcap & Penny Stocks : ALDM - Anyone know anything about this company? -- Ignore unavailable to you. Want to Upgrade?

To: GC who wrote (85)	6/4/1998 2:12:00 PM
From: JIN CHUN	Read Replies (2) \| Respond to of 381

To all: ALPHA-DIAMOND-CORP)(ALDM)(ALDM.) Alpha Diamond CorporationAnnounces Underwriting Agreement June 4, 1998 01:56 PM TORONTO, Ontario--(BUSINESS WIRE)--June 4, 1998--Alpha Diamond Corporation ALDM announced today at a press conference held in West Palm Beach, Florida, that the company will offer $5,000,000 of its securities through its underwriter, Union Trading-Financial, Ltd. of Amsterdam, Netherlands during the third quarter of 1998. The 1,000,000 unit offering consists of convertible and redeemable preferred shares and warrants. Alpha Diamond Corporation owns natural resource concessions in Africa. The company's primary concession is on the Konkouree River in Guinea which has proven in a recent Black Sand Assay to consist of 923 Troy oz of gold per ton and a mineral consistency of 45.5% titanium. Mr. Lou Supera, CEO of Gold Rivers of Africa, Inc., the company's joint venture partner in the Konkouree concession stated, "This concession promises to develop into a major natural resource find". Mr. Rick Brodzik, CEO of Alpha Diamond, disclosed the proceeds of the underwriting are to be allocated toward the development of the Konkouree River concession into a full mining operation immediately following the rainy season. In addition the Company is currently negotiating for other Concessions in Guinea. Mr. Brodzik went on to state, "We firmly believe that the mining operation can yield a mineral value of approximately $300 par cubic yard." Trading in Alpha Diamond Corporation's common shares has been unusually active recently, with a of 2,700,000 on April 28th, 1998 and 1,250,000 exchanging hands on June 3, 1998. When asked to comment on the large trading volumes, Mr. Brodzik stated, "We feel that due to the large daily trading volume that there is obviously an accumulated short position which exceeds the number of shares that are eligible to be traded!" Mr. Brodzik concluded, "The Company also plans to propose a name change, to the shareholders, which would more accurately reflect to nature of the Company's business." Note: Certain statements contained in this press release may be deemed forward-looking statements within the Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect the Company's views of the date they are made with respect to future events, but are subject to many risks and uncertainties, which could cause the actual results of the Company to differ materially from any future results expressed or implied by such forward-looking statements. The Company does not undertake to update any forward-looking statements. For further information contact Investor Relations at 1-800-216-5334.