DIADEM ANNOUNCES 100% ACQUISITION OF DARNLEY BAY RESOURCES LIMITED’S DIAMOND RIGHTS ON THE FRANKLIN PROJECT
MONTRÉAL, May 6, 2013 – Diadem Resources Ltd. (TSXV-NEX: “DRL.H”)
Diadem Resources Ltd. (“Diadem” or the “Company”, “DRL”) announced today that it has entered into a purchase-sale agreement (“Definitive Agreement”) with Darnley Bay Resources Limited (“DBL”) to acquire DBL’s 50% interest in the Franklin diamond project in the Parry Peninsula of the Northwest Territories. Diadem will have exclusive rights to all diamonds in the Parry Peninsula.
The Project was previously explored in a joint venture between the two companies. Consideration for the purchase will consist of 11,700,000 Diadem common shares from treasury, the issuance of 11,700,000 warrants to purchase common shares at the price of $0.10 per share for a period ending 30 months after the Closing Date and DBL will retain a 2% Net Smelter Royalty (“NSR”) on any diamond production from the project properties. Diadem will have the right to purchase 1% of DBL’s 2% aggregate NSR for $1.0 million in cash.
Diadem has agreed to incur a minimum of $1,500,000 of expenditures with respect to the Interests on or before the date which is 24 months from the date of the Definitive Agreement. For the purposes of this Definitive Agreement expenditures shall mean all direct and indirect expenses of or incidental to any and every kind of work which Diadem elects to do or have done on the Interests, together with any and all costs, fees and expenses that may be paid to obtain feasibility, engineering or other studies or reports on or with respect to the Interests
In the event that Diadem fails to incur the expenditures, then DBL will be entitled to retain all other compensation paid to DBL and Diadem will offer 100% of the interests acquired to DBL in return for a two percent (2%) net smelter royalty from the sale of diamonds produced from the interests acquired.
This acquisition is subject to the approval of the TSX Venture Exchange, other applicable regulatory authorities and the Inuvialuit Regional Corporation and its affiliates.
About Diadem Resources Ltd.
Diadem is focused on acquiring near-production mining opportunities in North America, especially those related to diamonds and gold. Its principal current activity is diamond exploration in the Franklin Bay area of the Northwest Territories. “The acquisition of DBL’s 50 % interest in this project will provide Diadem with full ownership of one of Canada’s most exciting diamond exploration projects“ stated Aime Bertrand, Diadem’s President. ”More than thirty kimberlite drill targets have been identified on the Parry Peninsula area.
Diadem currently has outstanding 50,008,848 common shares and 53,208,848 on a fully diluted basis.
DIADEM ANNOUNCES TSX VENTURE EXCHANGE APPROVAL SHARES FOR DEBT
MONTREAL, August 28, 2012 – Diadem Resources Ltd. (TSX-V: “DRL”)
Diadem Resources Ltd. (“Diadem”) announces today that further to its Press Release of August
8, 2012, the TSX Venture Exchange has approved Diadem’s issuance of 2,500,000 shares to a
former officer and director to settle outstanding debt of $219,670.
Such shares were issued as of August 16, 2012 and the related debt has been extinguished.
All shares issued pursuant to this debt settlement are subject to a four (4) month hold period
commencing August 16, 2012.
Inclusive of the aforementioned issuance, Diadem would have issued and outstanding
50,008,848 common shares and, on a fully-diluted basis, Diadem would have 57,450,515
common shares outstanding.
Additional information about Diadem Resources Ltd. may be found under Diadem’s profile on www.sedar.com