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Gold/Mining/Energy : DIADEM RESOURCES - DIR,M -- Ignore unavailable to you. Want to Upgrade?

To: Dave Tan who wrote (880)	5/29/1999 1:20:00 AM
From: dragonden	Read Replies (1) \| Respond to of 897

Canadian Company Press Release DIR 1999-05-28 (provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN Diadem Resources Ltd - Update On California Financing TORONTO, CANADA--DIADEM RESOURCES LTD. (DIR.ME) wishes to update the status of the California private placements most recently referenced in a press release dated March 9, 1999. In that release, Diadem reported that the Montreal Exchange had conditionally approved, subject to the filing of additional documents, (i) a CDN $375,000 (US $250,000) private placement of common shares at a price of CDN $0.2625 per share, as well as (ii) the use of proceeds for a further financing of up to CDN $2,900,000 (US $1,900,000), to be completed by Investors Advocates of California as agent on a best efforts basis at a price per share to be determined at a future date. The expectation of Diadem and Investors Advocates was that the pricing and terms of the larger placement would be considered and determined upon completion of the interim placement. Diadem now reports that all necessary documentation to complete the interim placement has been received from the subscriber and is being submitted to the Montreal Exchange today. Diadem anticipates that payment of the subscription funds and the closing of the interim placement will be completed next week. In anticipation of Investors Advocates initiating the marketing phase of the second private placement following completion of the interim placement, Diadem has today filed a notice requesting price protection from the Montreal Exchange on the second placement. In light of recent trading activity, a determination of the pricing of the second placement will be deferred pending further advice from the Montreal Exchange. Separate from discussions with Investors Advocates, Diadem has also entered into discussions with another investor to complete a small placement of CDN$200,000 and in this regard, Diadem has today filed a prior notice with the Montreal Exchange advising of these discussions and requesting price protection to facilitate completion of negotiations. If, as, and when an agreement with this investor is concluded, an announcement will be made. This transaction would be subject to receipt of necessary approval from the Montreal Exchange. The principal use of the funds would be further exploration of the Leek Springs diamond discovery in California. Diadem Resources Ltd. is a Toronto-based mineral exploration company with interests in gold properties in Nicaragua; an advanced zinc project in Indonesia; zinc, copper-nickel-cobalt properties in Quebec; and a diamond discovery in California. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Diadem Resources Ltd. A. C. A. Howe Chairman (416) 364-2893 (416) 286-0795 (FAX) Legal Notices New User Français Corporate Links Basic Plus Industry Watch About Carlson Online Basic About Carlson Online Plus About Carlson Online industry watch Today's Headlines Equity Search Canadian Company information Compare Equities US company information Insider Trades Short Positions © Copyright Carlson Online Services Inc, 1996-1999. All rights reserved.