Diadem Resources Ltd. Announces Update to Financing Initiatives
29.07.2011 | Marketwired
MONTRÉAL, July 29, 2011 - Diadem Resources Ltd. (TSX VENTURE:DRL) ("Diadem" or the "Company") announces today that it has paused its processes in relation to the proposed equity line finance facility as described in its March 7, 2011 Press Release.Diadem has, instead, focused its efforts on arranging the equity financing as described in its June 20, 2011 Press Release.
Diadem's management continues to pursue this equity financing and expects to consummate same in the next several weeks.
Diadem currently has outstanding 47,508,848 common shares.
About Diadem Resources Ltd.
Diadem is focused on acquiring near-production mining opportunities in North America, especially those related to diamonds and gold. Its principal current activity is diamond exploration in the Franklin Bay area of the Northwest Territories. On that project Diadem operates a joint venture with its fifty percent (50%) partner Darnley Bay. More than twenty potential drill targets have been identified on the Parry Peninsula, which currently constitutes the Franklin joint venture project area. Ground magnetic surveys over three of the targets were completed in 2010. Additional surveys over another 38 targets are planned for 2011. When this is completed, Diadem will finalize its drilling program for the 2011 drilling season.
Additional information about Diadem Resources Ltd. may be found on its web page (www.diademresources.com) and under Diadem's profile on www.sedar.com.
Cautionary Statement
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. For more information on the Company, investors should review registered filings at www.sedar.com.
Neither 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 release.
Contact
Diadem Resources Ltd.
Aime Bertrand, Chairman and CEO
514-954-1010
info@diademresources.com
www.diademresources.com
