Archangel Approves Commencement of Re-Structuring
May 20 2009 - 10:30AM
Marketwired
Archangel Diamond Corporation ("ADC") (TSX VENTURE: AAD) announces
that is has approved the commencement of discussions with Cencan
S.A., ADC's majority shareholder, concerning a proposal from Cencan
to provide financing support to ADC by way of a re-structuring of
ADC under the provisions of the Bankruptcy and Insolvency Act (the
"BIA").
Pursuant to such proposal, ADC would appoint a trustee to assist
with its submissions to regulators and its discussions with Cencan
and any other party that may make an alternative financing
proposal.
ADC is continuing to seek alternative proposals from any other
interested parties.
The Corporation confirms that there are no insolvency
proceedings against it as of the date of the news release, and that
there are no other material updates concerning the affairs of
Archangel since the issuance of the News Release dated April 29,
2009.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful.
CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING
STATEMENTS AND FINANCIAL PROJECTIONS - This news release contains
"forward-looking statements", within the meaning of applicable
Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements with respect to the
outcome of future negotiations, completion of the Transaction,
execution of definitive agreements, exercise of future call rights,
success of financing activities, identification or upgrade of
mineral resources, requirements for additional capital, government
regulation, results of future diamond exploration, results of
diamond marketing, changes in legal requirements, changes in the
political environment, environmental liabilities and title
disputes. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual outcomes, results, level of activity, performance or
achievements of Archangel Diamond Corporation to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks described in the
above news release; those risks set out in Archangel's disclosure
documents and its annual, interim management discussion and
analysis and annual reports. Although Archangel has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Archangel does not
undertake to update any forward-looking statements or financial
projections, except in accordance with applicable securities
laws.
Neither the 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 news release.
Contacts: Archangel Diamond Corporation Mr. Steven Thomas Chief
Financial Officer (416) 423-1600 steve.thomas@ca.debeersgroup.com
Archangel Diamond Corporation Mr. Paul Hancock Company Secretary
(416) 423-1600 paul.hancock@ca.debeersgroup.com
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