Burnstone Closes Second Tranche Of Financing
The issued securities are subject to a hold period until May 8, 2010. No finder's fees were paid.
Proceeds from the private placement will be used by Burnstone for general working capital and operating expenses.
For further information, please contact:
Gordon Keevil - President
(604) 687-2038 or visit our website at www.pure-diamonds.ca or www.burnstoneventures.com.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com
$300,000 Private Placement Increased To $360,000
All other terms of the private placement will remain the same.
Completion of the above private placement is subject to all regulatory and board approvals.
For further information, please contact:
Gordon Keevil -- President
(604) 687-2038 or visit our website at www.pure-diamonds.ca or www.burnstoneventures.com.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com
Listing Change, Consolidation and Name Change
The Company has now been listed on the Canadian National Stock Exchange ("CNSX"), commencing trading there on July 24, 2009. The Company was delisted from the Toronto Stock Exchange on July 31, 2009.
Further to the Company's news release of June 24, 2009, at the Annual General and Special Meeting of Shareholders held on July 21, 2009 (the "Annual Meeting"), the Company's shareholders passed a special resolution to consolidate all of the Company's issued and outstanding common shares. The Company also received CNSX acceptance and proceeded with (i) the consolidation on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the "Share Consolidation") and (ii) the name change. Fractional shares remaining after giving effect to the consolidation will be cancelled, such that shareholdings of each shareholder will be rounded down to the nearest whole number of post-consolidation common shares.
The record date for the consolidation will be after the close of trading on August 18, 2009 (5:00 p.m. Pacific Daylight Time) (the "Record Date").
Trading on a post-consolidated basis under the new name "Burnstone Ventures Inc." will commence on CNSX at the opening of trading on August 14, 2009. The CUSIP number for the Company's post-consolidation common shares will be 122449101 and the trading symbol will be "BVE".
A full description of the transactions summarized above is contained in the Company's Management Information Circular dated June 15, 2009, which has been filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and is available for viewing under the Company's name at www.sedar.com. Transmittal letters respecting the Shares Consolidation were mailed June 24, 2009 with the Company's Management Information Circular and can also be viewed on SEDAR.
The Share Consolidation and name change to Burnstone Ventures Inc. were deemed necessary to facilitate the Company's securing funding to continue exploration on the Company's Baffin Island property in a High Arctic location, or to secure a new property or pursue new ventures in line with Management's ongoing efforts to locate new prospective opportunities for the Company. We remain confident in the potential of the Baffin Island property, and that the continued efforts of Diamondex Resources Ltd. and Shore Gold Inc. will provide rewarding results from the Buffalo Hills Project. In the meantime, the Company is reviewing and will continue to review new opportunities on behalf of its shareholders, with the intent of diversifying the commodity base and possibly the business base of the Company.
For further information, please contact:
Gordon Keevil - President
(604) 687-2038 or visit our website at www.pure-diamonds.ca or www.burnstoneventures.com.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
Corporate Update
The Company has been informed by the Toronto Stock Exchange ("TSX") that it has commenced a de-listing review of the Company's common shares because the Company's Market Value of its listed securities has been below $3.0 million for 30 consecutive trading days. The Company is being reviewed under the TSX's Remedial Review Process and has been granted until June 29, 2009, to comply with all requirements for continued listing. As the Company's Market Value has not improved, the Company has applied to transfer its listed securities from the TSX to the Canadian National Stock Exchange ("CNSX"). Shortly after its listing on the CNSX, the Company proposes to do a share consolidation and name change to reflect the new direction the Company is taking. The Board of Directors believes that the Company's ability to identify new opportunities and projects and in turn conduct the equity financing required for its current operations and new ventures is contingent upon, among other things, a consolidation of its outstanding common shares.
At the Company's upcoming Annual General and Special Meeting of Shareholders to be held on July 21, 2009, Shareholders will be asked at the Meeting to approve a consolidation all of the issued common shares of the Company (of which 59,137,029 are currently issued) on the basis of every ten (10) old common shares, or such lesser number as the Company's Board of Directors may determine, being consolidated into one (1) new common share (the "Share Consolidation").
In conjunction with the Company's proposed Share Consolidation, management believes that changing the name of the Company to "Burnstone Ventures Inc." would be in the best interest of the Company as the proposed name better signifies the new direction the Company is taking. The new name, being more generic, will allow the Company to pursue a wider range of business opportunities as it would not, as far as the name is concerned, just be tied to one commodity. Diamonds, including the Baffin Island Project, will continue to be the Company's main focus for the time being.
To secure the funding necessary to continue exploration on the Company's Baffin Island property in a High Arctic location, or to secure a new property or pursue new ventures, it is necessary to proceed with the Share Consolidation and, to reflect this consolidation and Management's ongoing efforts to locate new prospective opportunities for the Company, proceed with the name change to Burnstone Ventures Inc. We remain confident in the potential of the Baffin Island property, and that the continued efforts of Diamondex Resources Ltd. and Shore Gold Inc. will provide rewarding results from the Buffalo Hills Project. In the meantime, the Company is reviewing and will continue to review new opportunities on behalf of its shareholders, with the intent of diversifying the commodity base and possibly the business base of the Company.
For further information, please contact:
Gordon Keevil -- President
(604) 687-2038 or visit our website at www.pure-diamonds.ca
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financieconomic, market or business conditions. Please see our public filings at www.sedar.com for further information.
Pure Diamonds Acquired 100% of Baffin Island Project
This agreement allows Pure Diamonds to focus on the advanced Baffin Island Project, which has been the site of two discoveries of kimberlite in situ associated with a large target area defined by kimberlite boulders, kimberlite indicator mineral anomalies and geophysical targets. Diamond drilling in 2005 resulted in the discovery of the Amon kimberlite and in 2006 the discovery of the Aliguja kimberlite. These two discoveries are on trend with each other and over 2 kilometers apart. As has been previously reported, these two discoveries define a prospective ENE-WSW kimberlite trend of over 2 kilometres, which is extended when including kimberlite float to over 5 kilometres along strike. In addition, microdiamond analysis from the boulders that are related to both discoveries confirmed the excellent diamond potential of the kimberlite. Furthermore, the micro diamond analyses from both the Aliguja and Amon boulder trains returned 263 and 234 micro diamonds from 99.3 and 136.2 kilograms respectively, strongly confirming the diamond potential from both of these kimberlite dyke systems. The Amon and Aliguja kimberlites are located at the very south end of a series of boulder trains which, together, forms a train that is over 50 kilometres long. As the ice direction is from north to south, the source of the majority of these boulder trains has yet to be discovered.
A recent review of the results from the exploration to date by independent geological consultants, Apex Geoscience Ltd. ("Apex"), has identified a number of target areas for detailed exploration. In addition to expanding the information of the Amon-Aliguja trend, there are a number of areas of anomalous kimberlite indicator mineral results both along and adjacent to the kimberlite boulder trend. Apex has been retained by Pure Diamonds to initially conduct a field review on the Project area and, during the summer of 2008, conduct a program of detailed indicator mineral sampling, prospecting and geological mapping. In addition, detailed ground geophysics may be conducted over areas of interest. Apex has also recommended detailed drilling of the Amon-Aliguja kimberlite trend to define the kimberlite in more detail and identify areas for trenching and surface sampling.
This area of the Arctic continues to be an active area for diamond exploration. On Baffin Island, Kennecott Exploration, Peregrine Diamonds and Patrician Diamonds are conducting exploration. To the south on Melville Peninsula, Stornoway Diamonds continues to conduct exploration on the Aviat Project. Elsewhere in the eastern Arctic, Diamonds North and Indicator Minerals are also actively operating with significant success.
Pure Diamonds is very pleased to have successfully renegotiated the High Arctic Joint Venture to allow the acquisition of a 100% interest in the Baffin Island Project. It is one of only a few Projects with a defined kimberlite discovery and most importantly excellent microdiamond analysis and indicator mineral chemistry that indicates the potential for additional discoveries. The 2008 program and ongoing studies are designed to define additional targets for diamond drilling and expand the potential of the Amon-Aliguja kimberlite.
For further information, please contact:
Gordon Keevil -- President
(604) 687-2038 or visit our website at www.pure-diamonds.ca
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.