Brazilian Diamonds Limited

Brazilian Diamonds Limited

March 27, 2008 12:08 ET

Brazilian Diamonds Limited Placing to Raise Pounds Sterling 1.3 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2008) - The Directors of Brazilian Diamonds Limited (TSX:BDY)(AIM:BDY) ("Brazilian Diamonds" or the "Company") are pleased to announce the placing of 25,957,000 new common shares of no par value each in the Company (the "New Shares"), conditional upon admission to trading on AIM and the Toronto Stock Exchange ("TSX") (the "Placing"). The Placing will raise Cdn. $2,595,700 (approximately pounds sterling 1.3 million) (before the expenses of the issue).

This Placing will provide the Company with ongoing working capital and assist the Company in the continuation of bulk sampling operations at the Salvador 1 project in Bahia State, Brazil.

The New Shares subscribed for under the Placing have been placed with investors at a price of Cdn. 10 cents (approximately 5p) per share by the Company with assistance from Williams de Broe Ltd in a non-brokered private placement. A total commission of four per cent of the gross proceeds will be paid in connection with the Placing.

Application will be made for the New Shares to be admitted to trading on AIM. It is expected that admission will take place on 28 March 2008. The New Shares are restricted from transfer for a period of four months expiring on 27 July 2008. Following the Placing there will be 194,370,722 shares in issue.

Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Brazilian Diamonds and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of exploration and unforeseen logistical issues. Brazilian Diamonds is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

Contact Information

  • Brazilian Diamonds Limited
    Ken Judge
    + 44 7733 001 002
    Brazilian Diamonds Limited
    Stephen Fabian
    President & CEO
    + 55 31 8814 5111
    Hanson Westhouse Limited (Nomad to the Company)
    Tim Feather/Matthew Johnson
    + 44 113 246 2610
    Landsbanki Securities (UK) Limited (Broker to the Company)
    Tom Hulme
    + 44 207 426 9000