Vaaldiam Negotiates Private Placement
Vaaldiam Resources Ltd. ("Vaaldiam") (VRL-CDNX) wishes to announce that it proposes to issue 1,500,000 Units, on a private placement basis, at a price of $0.10 per Unit to Widespread Portfolios Limited, a New Zealand based and quoted investment company, for total gross proceeds of $150,000. The proceeds of the private placement are intended to be used to finance the Company's 40% interest in the joint venture exploration program in the Central African Republic with Gem Fields Resources Limited, and for general working capital.
Each Unit will consist of one common share and one common share purchase warrant to acquire one Vaaldiam common share at a price of $0.15 per share at any time and from time to time for a period of two years from the date of closing. The proposed transaction is subject to receipt of all necessary regulatory approvals.
Vaaldiam is a Canadian company engaged in the development of African diamond deposits. Management's goal is to develop Vaaldiam into a leading producer of high quality diamonds, through the systematic exploration and development of properties that are situated in the most prospective areas, with emphasis on early cash flow and rapid return on investment.
Vaaldiam currently has 9,123,221 common shares outstanding.