Archangel Diamond Raises Funds and Questions

Archangel Diamond Corporation announced they are raising C$13.75 million (US$12.29 million) from the sale of stock. The price per share is quoted at C$0.05.

In a related statement, the company raised questions about its ownership, "Management of the [c]orporation cannot comment on recent speculation concerning its major shareholder Cencan S.A. and has no knowledge as to whether Cencan S.A. has agreed to sell its controlling stake in Archangel Diamond Corporation (ADC)."