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Gold/Mining/Energy : Nora NXI on ME -- Ignore unavailable to you. Want to Upgrade?

To: JDR who wrote (326)	5/5/1999 11:59:00 AM
From: John Stella	Respond to of 420

Date: April 30th, 1999 Subject: News - for immediate release NORA EXPLORATION COMPLETES A PRIVATE PLACEMENT AND CORPORATE UPDATE. Montreal, QC - Nora Exploration Inc. (NXI-ME) is pleased to announce that it has completed a private placement totaling 550,000$. The private placement is comprised of 2,394,135 units consisting of one share at 0,23$, and one warrant at 0,31$ exercisable over the next 18 months. The proceeds will enable Nora to increase its direct participation in the Namibian Gemstones Concession. At the March 10th, 1999 Board meeting, immediately following the Annual General Shareholders, the Board of Directors re-elected Mr. Pierre Leveille as CEO and Mr. Bernard J. Tourillon as CFO and Corporate Secretary. The Board opted not to fill the position of Chairman for the foreseeable future, a position previously held by Mr. Johannes A. Kleynhans until completion of his term. One other corporate development, Hartor Investments Limited (a company incorporated in the Isle of Man, controlled by Mr. Peter Bond, a director of Nora Exploration Inc.) has requested that Nora modify the terms and conditions of the two previously disclosed loan agreements between the parties. The first loan consists of an unsecured advance of 400,000 US$ made in 1997 scheduled to be reimbursed on July 24th, 1999. The second unsecured loan of 744,800 US$, proceeds of which were utilized to acquire an additional ten percent (10%) interest in the Namibian Gemstones Concession, was to be reimbursed either through the proceeds of a rights offering financing or, failing this, through the issuance of shares of the Corporation. Hartor requested changes in the nature and terms of the loan agreements. Nora refused these requests on the grounds that the loan agreements are still valid and in force. Nora has fully respected the conditions of loan agreements and is of the opinion that Hartor's requests are not in the best interests of the shareholders of Nora. Following Nora's suggestion, Hartor has requested that a Canadian Court of Law rule if Hartor are in their rights to request such a demand. Furthermore, Nora's management and their legal advisors are of the opinion that Hartor's requests will have no adverse effects on the future development of the Corporation's key asset. The Corporation will therefore maintain its focus on the development of the Namibian Gemstones concession. Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties in Africa. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. Its shares are traded on the Montreal Stock Exchange under the symbol NXI-ME. The transaction has received regulatory approval. For further information, please contact: Pierre Léveillé President John Stella Investor Relations