Diamond Fields International Ltd. and the shareholders of Discoverer Ltd., including Jean Boulle, the company’s controlling shareholder, have agreed after completion of due diligence by Diamond Fields to amend the terms of their agreement previously reported in Stockwatch on July 15, 2004, the effect of which will be that Diamond Fields will not proceed with the acquisition of the Finland diamond licences. Accordingly, Diamond Fields will not issue 2.25 million common shares and pay the cash consideration of $656,000 (U.S.) to the vendors as previously agreed.
Under the amended agreement with Discoverer, Diamond Fields will retain the right to continue negotiations on the previously mentioned exploration projects in Africa and Russia. For each project that is successfully negotiated, Discoverer Ltd. will receive a finder’s fee to be negotiated based on the successful completion of such project.
Gregg J. Sedun, president and chief executive officer of Diamond Fields, stated: “Mr. Boulle and I are both happy with the amended terms and feel that this transaction is in the best interest of Diamond Fields and its shareholders. We are still actively pursuing the Russian and African projects and will keep the public updated on our progress.”
WARNING: The company relies upon litigation protection for “forward-looking” statements.
