Diamonds North sets Effective Date for Shareholders to Receive Uranium North
Vancouver, July 19, 2006, - Diamonds North Resources Ltd. (the "Company") announces that it plans to close the Plan of Arrangement involving its shareholders and Uranium North Resources Corp. ("Uranium North") on July 28, 2006. Shareholders of record of the Company on July 28, 2006, as determined by the registrar and transfer agent of the Company and intermediaries, will participate in the closing on the basis that for each 6 existing common shares of the Company held, the shareholder will be entitled to 6 new common shares of the Company and receive 1 common share of Uranium North. No certificates will be issued for fractional shares of Uranium North and any resulting fractions will be resolved by rounding down.
The certificates for the new common shares of the Company will be represented by the present certificates for the existing common shares and there will be no Letter of Transmittal sent out. Accordingly, no certificates for the new common shares of the Company will be issued and shareholders should not tender their current common share certificates to the Company in exchange for new common share certificates. Certificates for the common shares of Uranium North will be mailed to shareholders following the closing.
Subsequent to the closing of the Plan of Arrangement, Uranium North plans to undertake a private placement financing to raise funds necessary to continue exploration of its uranium properties and for working capital. Particulars of the planned financing are expected to be announced prior to the closing of the Plan of Arrangement. Uranium North will apply for a listing for its common shares on the TSX Venture Exchange and is expected to trade upon the completion of the private placement and acceptance of the listing by the Exchange.
Diamonds North is a dynamic 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
Mark Kolebaba
President & CEO
For further information, please contact:
Corporate Communications: Nancy Curry
Diamonds North Resources Ltd.
Telephone:
Facsimile:
Website: www.diamondsnorth.com
Email:
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.