Diaz Resources nixes plans for C$3 million private placement of stock

Company blames poor market conditions for unsuccessful offering

By Devika Patel

Knoxville, Tenn., March 31 - Diaz Resources Ltd. said its previously announced C$3 million best-efforts private placement was unsuccessful due to poor market conditions. The stock offering priced Feb. 3.

Diaz is now considering several financing alternatives to provide the necessary funds for its heavy oil drilling program to begin as planned this spring.

Diaz is an oil and gas exploration and production company based in Calgary, Alta.

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