Diamond Fields International Ltd. has released the following update:
In light of adverse market conditions, the company has agreed with GMP Securities Ltd. and Haywood Securities Inc. to cancel its previously announced brokered private placement, reported in news in Stockwatch on April 13, 2005.
DFI is in negotiations with an investment group, led by its major shareholder Jean-Raymond Boulle, to secure alternative financing. The particulars of the contemplated transaction will be declared upon an agreement being reached.
DFI is currently in negotiations with a major company regarding a joint venture on the company’s Ammassalik property on the east coast of Greenland.
Subject to reaching agreements on these matters, the company anticipates further announcements in the near future with respect to alternative financing and the negotiations for its Greenland property.
