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Archangel

Posted: Tue, 05 May 2009

[miningmx.com] -- Archangel Diamond Corporation has called off a fundraising round which would have given De Beers a 72% stake in the company, Diamonds.net reported on Tuesday.

Diamond giant De Beers owns 58% Archangel shares and was scheduled to raise its stake through a C$3m private placement and C$7.9m debt restructuring.

Archangel said it was seeking alternative financing to meet its immediate obligations.

The company said last week it is unable to file its 2008 financial statements on time, but assured that there are no insolvency proceedings against it.