Proceeds slated for diamond bulk-sampling on Natal I, II concessions
By Toni Weeks
San Luis Obispo, Calif., Feb. 5 - Americas Diamond Corp. said it has negotiated a $3.2 million private placement of units with a $1.8 million greenshoe.
The company will sell units of one restricted common share and one warrant over a three-year period.
The units will be sold at a price equal to 95% of the volume-weighted average of the closing share price of common stock for 10 days preceding the notice date. Each warrant is exercisable for two years at a price equal to 110% of the price paid for the applicable units.
Proceeds will be used to further the company's final program of bulk-sampling on the Natal I and II diamond concessions in Venezuela and for operating expenses.
London-based Americas Diamond is a diamond and precious metals exploration company.
| Issuer: | Americas Diamond Corp.
|
| Issue: | Units of one restricted common share and one warrant
|
| Amount: | $3.2 million
|
| Greenshoe: | $1.8 million
|
| Price: | 95% of the volume-weighted average of the closing share price of common stock for 10 days preceding the notice date
|
| Tenor: | Three years
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | 110% of the price paid for the applicable units
|
| Settlement date: | Feb. 5
|
| Stock symbol: | OTCBB: ADMC
|
| Stock price: | $0.77 at close Feb. 4
|
| Market capitalization: | $23.1 million
|
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