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Diamond Fields: Minority Shareholders Approve Convertible Debt
Diamond Fields: Minority Shareholders Approve Convertible Debt.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nSYMBOL: DFI\n\n\nCAPE TOWN, June 22 /CNW/ - Diamond Fields International Ltd. (DFI:TSX)\n("DFI" or the "Company") is pleased to announce that at the extraordinary\ngeneral meeting (the "EGM") of the Company held on June 20, 2007, the Company\nreceived necessary minority shareholder approval to permit the conversion of\nthe principal amount owing to Spirit Resources SARL ("Spirit") under the\ncredit facility with Spirit, into common shares of the Company on the basis of\none common share for each US$0.15 of principal. Accordingly, subject to\nreceipt of final TSX acceptance of the transaction, up to a maximum of\n26,544,227 common shares are issuable to Spirit on full conversion of the up\nto approximately US$3.98 million owing to Spirit under the credit facility\n(the "Principal"). Spirit is controlled by Mr. Jean-Raymond Boulle, the\nCompany's largest shareholder who currently holds, directly or indirectly,\napproximately 18.3% of the Company's issued and outstanding shares.\n\n\nThe details of the voting results at the EGM are set forth in the Report\non Voting Results filed on SEDAR (www.sedar.com) on June 21, 2007, and full\nparticulars of the transaction are contained in the Company's information\ncircular dated May 16, 2007 which is also available on the SEDAR website.\n\n\nSpirit has informed the Company that, as soon as practicable following\nreceipt of final TSX acceptance of the transaction, Spirit intends to fully\nconvert the Principal into common shares of DFI.\n\n\nRoger Daniel, the President and CEO of the Company, commented: "We are\npleased to have received the support of the Company's minority shareholders to\napprove this transaction. Upon the full conversion of the outstanding Spirit\ndebt, the financial position of the Company will be significantly enhanced\nthrough the removal of substantially all of the Company's non-trade debt from\nits balance sheet and the discharge of Spirit's encumbrances over the\nCompany's assets, including its mining vessel DF Discoverer".\n\n\nDATED June 22, 2007.\n\n\nDIAMOND FIELDS INTERNATIONAL LTD.\n\n\n"Roger J. Daniel"\n\n\nRoger J. Daniel, President and CEO\n\n\nForward-Looking Statements:\n\n\nStatements in this release that are forward-looking statements are\nsubject to various risks and uncerta...