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Gold/Mining/Energy : DIAMONDWORKS DMW.v -- Ignore unavailable to you. Want to Upgrade?

To: Gord Bolton who wrote (287)	4/27/1999 12:29:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 413

DiamondWorks announces CDN$6.5 million financing VANCOUVER, April 27 /CNW/ - DiamondWorks Ltd. today announced that it has filed notice of private placement with the Toronto Stock Exchange for the placement of up to 28,035,000 units at a price of CDN$0.23 per unit for total proceeds of approximately CDN$6.5 million. The funds will be used to advance the development of the company's diamond properties. Each unit consists of one common share and one common share purchase warrant. Each share purchase warrant will entitle the holder to acquire one common share of the company at an exercise price of CDN$0.23 for a period of one year after closing. Ekuseni Resources Limited, a company controlled by Brian Menell, a DiamondWorks' director, has agreed to purchase approximately CDN$5.9 million of the private placement. Invesco Trading SA, a company controlled by Delu Holender, a DiamondWorks' director, has agreed to purchase CDN$100,050 of the private placement. The balance of CDN$443,900 of the private placement is being placed with an unrelated party. The private placement is subject to regulatory approval. Assuming the entire private placement closes, Ekuseni will own 29.42% of the issued shares and, after giving effect to the exercise of all warrants held by Ekuseni, will own 45.46% of the outstanding shares on an undiluted basis. DiamondWorks' shares trade on the Toronto Stock Exchange under the symbol DMW. -30- For further information: Bill Trenaman (604) 669-8871, www.diamondworks.com

To: Gord Bolton who wrote (287)	6/25/1999 4:23:00 AM
From: marcos	Read Replies (1) \| Respond to of 413

There's $5mil in convertible notes, but as i read the wording they are not floorless, and they're way out of the money. The following is from page 71 of the May 27/99 AIF pdf file on sedar - "The Company has issued two unsecured convertible promissory notes payable to Urija Trading Ltd. in the amounts of $2,500,000 each. These notes bear interest at LIBOR plus 2.75% during the first year and LIBOR plus 3.25% during the second year and mature on April 20, 2000 and June 15, 2000, respectively. These notes can be converted into an aggregate maximum of 4,000,000 Common Shares of the Company at the option of the Company during the first year and at the option of Urija Trading Ltd. during the second year. In each case, both parties must mutually agree on the conversion price. Accordingly, these notes have been classified as liabilities for accounting purposes." So that's a 1.25/sh floor on conversion ... or is it? Could it be re-negotiated? ... that could explain the .185 lid .... there is $4.6mil showing under current debt as well, none of which notes were originally convertible, but one to Austfin has been re-negotiated in consideration for 500k shares with attached warrants at .30 .... could the same be about to happen with Urija's notes?? Then follows the question - 'Who is Urija Trading Ltd.?'