Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canabrava Diamond -- Ignore unavailable to you. Want to Upgrade?

To: GC who wrote (1285)	4/30/1999 8:38:00 AM
From: Gord Bolton	Read Replies (1) \| Respond to of 2402

FOR: CANABRAVA DIAMOND CORPORATION VSE SYMBOL: CNB AND SOUTHWESTERN GOLD CORPORATION TSE SYMBOL: SWG APRIL 30, 1999 Canabrava Diamond and Southwestern Gold: Private Placement Closes VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation (CNB- V) is pleased to announce that it has sold by way of private placement an aggregate of 3,000,000 units in the capital stock of the Company at a price of $0.80 per unit, for gross proceeds of $2,400,000. Each unit consisted of one common share with a 12 month hold period and one-half of a non-transferable share purchase warrant. Each whole warrant entitles the holder thereof to purchase an additional one common share in the capital stock of Canabrava Diamond at a price of $1.40 per share at any time prior to April 29, 2001. Southwestern Gold Corporation (SWG-T) was the private placee and purchased the 3,000,000 units from Canabrava Diamond. In a separate transaction announced earlier, Southwestern Gold sold through the facilities of the Vancouver Stock Exchange 3,000,000 free trading shares of Canabrava Diamond, so that its net shareholdings in Canabrava Diamond effectively remains unchanged at 19,980,550 shares, representing 59.7 percent of its outstanding shares. Southwestern Gold has no current intention to increase the beneficial ownership, control or direction of Canabrava Diamond, other than through the exercise of all or a portion of the 1,500,000 warrants. Southwestern Gold participated in the private placement to improve Canabrava Diamond's financial position. Canabrava Diamond intends to use the proceeds from the private placement for the purposes of project generation and early stage exploration activities, advanced exploration activities on its wholly owned Brazilian properties and unallocated working capital. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada as well as seeking other opportunities worldwide. Southwestern Gold Corporation presently has over 20 joint ventures with companies including Newmont, Pan American Silver, Cominco, Teck Corporation, Paramount Ventures, Southern Peru Copper, Minorco, Cambior and Cedimin. Daniel G. Innes, Director, Canabrava Diamond Corporation John G. Paterson, President, Southwestern Gold Corporation -30-