Diamond Fields presents business revise

25 Nov '05

3 min read

Canada based diamond producer Diamond Fields International Ltd announced that it held its Annual General Meeting on Wednesday, November 16, 2005, and reports that all of Management's resolutions passed with substantial margins.

Further to the Company's news release dated November 7, 2005, in addition to approving other matters, shareholders approved the second tranche of the private placement of a total of 30,483,676 units and the participation therein of the Company's largest shareholder, Jean-Raymond Boulle.

Accordingly, a total of 6,090,000 units representing the second tranche of the private placement that were held pending shareholder approval have now been released in respect of the private placement. The Company raised total gross proceeds of Cdn$6,096,735 under both tranches of the private placement.

The Company also announces that it has repaid a loan obtained from Quest Capital Corporation ("Quest") in the principal amount of Cdn$1,950,000. The loan, advanced in October, 2004, provided Diamond Fields with the funding to acquire its marine diamond mining vessel the mv DF Discoverer.

Funds to repay the loan came from the first tranche of the Private Placement announced on November 7th, 2005. All security taken in connection with the loan, the lender will discharge including a ship's mortgage over the mv DF Discoverer.

Diamond Fields also announces results for the first quarter period. Net loss for the three months ended September 30, 2005 was $(1,141,526) or $(0.01) per share, compared with a net earnings of $811,898 or $0.01 per share in 2004.

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