Archangel Diamond Corporation Negotiating a Private Placement of Common Shares
03 June 2009 - 10:07PM
Marketwired
Archangel Diamond Corporation ("Archangel" or the "Corporation")
(TSX VENTURE: AAD) announces that it has entered into a non-binding
term sheet with an arms' length party in connection with a proposed
non-brokered private placement of common shares in the capital of
the Corporation at a price not to exceed CDN$0.05 per share. The
funds made available through the private placement will be used to
settle current debts of the Corporation, provide funds to continue
pursuit of its legal claims in Stockholm and Colorado and provide
funds for necessary working capital.
Completion of this proposed private placement is subject to a
decision by the proposed subscriber on or before June 12 2009 to
proceed following due diligence; the negotiation, execution and
delivery of definitive agreements; and applicable regulatory
approvals.
CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING
STATEMENTS AND FINANCIAL PROJECTIONS - This news release contains
"forward-looking statements", within the meaning of applicable
Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements with respect to the
outcome of future negotiations, completion of the Transaction,
execution of definitive agreements, exercise of future call rights,
success of financing activities, identification or upgrade of
mineral resources, requirements for additional capital, government
regulation, results of future diamond exploration, results of
diamond marketing, changes in legal requirements, changes in the
political environment, environmental liabilities and title
disputes. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual outcomes, results, level of activity, performance or
achievements of Archangel Diamond Corporation to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks described in the
above news release; those risks set out in Archangel's disclosure
documents and its annual, interim management discussion and
analysis and annual reports. Although Archangel has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Archangel does not
undertake to update any forward-looking statements or financial
projections, except in accordance with applicable securities
laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Archangel Diamond Corporation - Vancouver, British
Columbia Ms. Jocelyn Fraser Media Enquiries 604-731-6164
jocelyn.fraser@archangeldiamond.com Archangel Diamond Corporation -
Toronto, Ontario Mr. Steven Thomas Chief Financial Officer
416-423-1600 steve.thomas@ca.debeersgroup.com
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