DRL.H Diadem Resources Com Npv

Diadem Resources Ltd. (TSX VENTURE:DRL.H)

Diadem Resources Ltd. (the "Company" or "Diadem") announces today that it has
received approval from each of the Alberta Securities Commission, British
Columbia Securities Commission, Ontario Securities Commission and L'Autorite des
Marches Financiers in Quebec for respective partial revocation of cease trade
orders which will permit the Company to proceed with a financing. The Company
has been subject to the cease trade orders from the respective commissions as a
result of a delay in filing the Company's audited consolidated statements and
the related management's discussion and analysis for the year ended May 31, 2012
and delays in the filing of interim consolidated, condensed financial statements
and other continuous disclosure documents for the periods ended August 31, 2012.
November 30, 2012 and February 28, 2013. The late filing of the required
financial disclosure documents is a consequence of financial distress resulting
in the inability of the Company to pay its auditor for services that would lead
to the release of the Company's audited consolidated financial statements.


The funds to be raised will be used to finalize the audit work and bring its
continuous disclosure obligations up to date so that applications for full
revocation of the cease trade orders can be made in due course. Until such time
as the full revocation orders are received, all securities of Diadem will remain
subject to all existing cease trade orders. The granting of any and all partial
revocation orders does not guarantee full revocation of existing cease trade
orders in the future that would permit trading in the Company's securities on a
recognized exchange.


On May 7, 2013, Diadem announced that it had entered into a definitive agreement
with Darnley Bay Resources Limited ("DBR") which would result in the issuance of
11,700,000 common shares from treasury and warrants to acquire an equal number
of shares at a price of $0.10 per share for a period of 30 months following the
closing of the definitive agreement. A condition of the definitive agreement
anticipates the Company receiving approvals from its shareholders, each of the
securities commissions and the TSX Venture Exchange or NEX Exchange. There is no
guarantee that full revocation orders will be received that would permit the
common shares and warrants to be issued and listed for trading on a recognized
exchange.


It is estimated that, upon issuance of the shares and warrants to DBR and the
issuance of common shares pursuant to the proposed financing, DBR would own
approximately 15% (23% on a diluted basis) of the outstanding common shares of
Diadem. The securities commissions have determined that issuance of the shares
and warrants would result in DBR becoming a new control person upon completion
of the definitive agreement.


Diadem currently has outstanding 50,008,848 common shares and 53,208,848 on a
fully diluted basis. The Company is a junior exploration company operating in
the Northwest Territories.


Additional information about Diadem Resources Ltd. may be found on its web page
(www.diademresources.com) and under Diadem's profile on www.sedar.com.


Cautionary Statement

This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, are forward-looking statements. Although the Company believes the
expectations expressed in such 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 statements. There are
certain factors that could cause actual results to differ materially from those
in forward-looking statements. These include market prices, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. In particular, Diadem and DBL
may not complete the definitive agreement and the regulators may not issue the
requested revocation orders required to allow closing the transactions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those
projected in the forward-looking statements. The Company does not undertake to
update any forward-looking information, except in accordance with applicable
securities laws. For more information on the Company, investors should review
registered filings at www.sedar.com.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Diadem Resources Ltd.
Aimé Bertrand
Chairman and CEO
514-954-1010
info@diademresources.com
www.diademresources.com

Diadem Resources Com Npv (TSXV:DRL.H)
Historical Stock Chart
From Apr 2024 to May 2024

Diadem Resources Com Npv (TSXV:DRL.H)
Historical Stock Chart
From May 2023 to May 2024