Brazilian Diamonds Limited

Brazilian Diamonds Limited

August 04, 2009 16:52 ET

Brazilian Diamonds Limited: Cancellation of Admission to AIM

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 4, 2009) - BRAZILIAN DIAMONDS LIMITED (TSX VENTURE:BDY)(AIM:BDY) ("Brazilian Diamonds" or "the Company") announces that at its Annual and Special Meeting ("Meeting") to be held on August 31, 2009, the Company proposes to seek shareholder approval for the cancellation of its admission to trading on the Alternative Investment Market of the London Stock Exchange ("AIM"). Assuming shareholder approval is received by a 75% majority of the votes cast at the Meeting, it is proposed that the cancellation would take effect from 7.00 a.m. (BST) on September 8, 2009 (the "Cancellation Date").

The proposal to cancel trading of the Company's shares on AIM is being implemented in conjunction with other cost reduction measures the Company has taken in response to the impact of recent volatility in capital markets which has created difficulties for the junior exploration sector generally in raising capital to fund mineral exploration.

Cancellation of the AIM quotation will assist the Company to conserve its limited financial resources by eliminating the duplication of costs and management resources involved in maintaining the AIM quotation as well as the Company's principal listing on the TSX Venture Exchange (the "TSXV").

UK shareholders wishing to trade the Company's common shares after the Cancellation Date will be able to do so through the TSXV.

Brazilian Diamonds does not expect the liquidity or marketability of the Company's common shares to be materially affected by the cancellation of the AIM listing.

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 release.

Contact Information

  • Brazilian Diamonds Limited
    Kenneth P. Judge
    + 44-7733 001 002
    Brazilian Diamonds Limited
    Stephen Fabian
    President & CEO
    + 55 31 8444 0475
    Brazilian Diamonds Limited
    Jon Bey
    Investor Relations
    Hanson Westhouse Limited
    Tim Feather / Matthew Johnson
    + 44 113 246 2610