Poseidon

The company completed a $17 million special warrant financing, issuing two million warrants at $8.50 each through Yorkton Securities and Sprott Securities.

The company has agreed with Yorkton Securities on a private placement of up to 2,000,000 special warrants at $8.50 each for gross proceeds of up to $17,000,000.

Independent consultants Marine and Coastal estimated an inferred resource of 2,400,000 carats within a 3.85 sq km section of the Koichab prospect at Luderitz Bay, Namibia.

Namco granted Russian consultant S. Roussanov a 150,000-share stock option and signed wide-ranging agreements with Arsan Mining, Almazy Rossii-Sakha's exclusive Namibian vehicle.

Namco received conditional approval to list its shares on the Toronto Stock Exchange, with Howard Beck joining its board and an official listing ceremony set for June 4, 1996.

The company completed a private placement of 2.25 million shares, raising $9.15 million to fund its Luderitz Bay diamond project.

Diamond assessors valued 1,296 stones from the Luderitz Bay sampling program at an average of US$206 per carat, above the prior estimate of $150-$160.

The company reserved 500,000 shares for private placement to Namibian and South African investors at $4.30 per share, expected to close February 22 1996.

The company will issue 1,750,000 shares to The Rochford Trust in a private placement at $4.00 per share.

The company completed its initial step-out sampling program at the Luderitz Bay grant, with all 16 samples containing diamonds and a new single-sample record of 219 stones.