|DIAMONDS NORTH RESOURCES LTD. : http://www.diamondsnorth.com/ : News Releases 2004|
Fri May 28, 2004
Majors Finance Diamonds North
|Vancouver, May 28, 2004 -- Diamonds North Resources Ltd. (DDN -- TSX Venture) announces a $500,000 non-brokered private placement with BHP Billiton Diamonds Inc. BHP Billiton will subscribe for 357,143 common shares at a price of $1.40 per share. This private placement is part of the agreement announced on May 17, 2004.
In addition, Teck Cominco Limited has exercised its right to participate in the financing up to 10% to maintain their interest in the Company and to retain their right to participate in future equity financings. Teck Cominco will subscribe for 35,714 common shares at $1.40 per share.
These private placements are subject to the approval of the TSX Venture Exchange. The proceeds will be used for general working capital.
Diamonds North is a dynamic successful exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, please contact:
Diamonds North Resources Ltd.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release
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