| Fri 17 Jun 2011, 7:05 | | DMC - DiamondCorp plc - Placing to raise GBP3.48 million |
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DMC
DMC
DMC - DiamondCorp plc - Placing to raise GBP3.48 million
DiamondCorp plc
JSE share code: DMC & AIM share code: DCP
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp" or "the Company")
Placing to raise GBP3.48 million
NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
OR ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
LAWS OF SUCH JURISDICTION
HIGHLIGHTS
- The Company has placed 26,794,397 new ordinary shares of 3 pence each in
the Company at a price of 13 pence per share to raise approximately
GBP3.48 million (before expenses) (the "Placing");
- The proceeds of the Placing are to be applied to the Company`s
kimberlite exploration activities in Botswana and working capital for
activities in South Africa.
Introduction
The Board of DiamondCorp, the southern African diamond development and
exploration company, is pleased to announce that it has placed 26,794,397 new
ordinary shares of 3 pence each in the Company at a price of 13 pence per
share to raise, in aggregate, GBP 3.48 million gross proceeds for the Company
(approximately GBP3.3 million net of expenses). The Placing Price represents
a discount of 0.95 per cent. to the closing mid-market price of 13.125p on 15
June 2011.
Use of Proceeds
The proceeds of the Placing are expected to be applied as follows:
GBP million
Mini-bulk test, including large diameter drilling of 1.50
kimberlite exploration projects in Botswana.
General working capital 1.80
Placing expenses 0.18
Total 3.48
Details of the Placing
The Company currently has authority to issue a total of 19,693,882 ordinary
shares of 3p each in the Company. Therefore the Placing will comprise:
(i) 19,693,882 ordinary shares of 3p each in the Company (the "Placing
Shares"); and
(ii) 7,100,515 ordinary shares of 3p each in the Company which will be
placed subject to shareholder approval at the next annual general
meeting of the Company (the "Conditional Placing Shares"). Notice
of the annual general meting will be sent to shareholders shortly
and is expected to be held on or around 25 July 2011.
Placing Shares
Application has been made to the London Stock Exchange and the JSE for the
Placing Shares to be admitted to trading on AIM and AltX. It is expected
that Admission will become effective and that trading in the Placing Shares
will commence on AIM and AltX at 8.00 am UK time on 22 June 2011. The Placing
Shares will rank pari passu with the existing ordinary shares.
Following the issue of the Placing Shares there will be a total of
203,567,533 ordinary shares of 3 pence each in the capital of the Company.
Conditional Placing Shares
The issue of the Conditional Placing Shares is subject to shareholder
approval at the next annual general meeting of the Company. Should the
relevant resolutions at the AGM be passed by shareholders, application will
be made to the London Stock Exchange and the JSE for the Conditional Placing
Shares to be admitted to trading on AIM and AltX. It is expected that
Admission will become effective and that trading in the Conditional Placing
Shares will commence on AIM and AltX at 8.00 am UK time on or around 26 July
2011. The Conditional Placing Shares will rank pari passu with the existing
ordinary shares.
Following the issue of the Conditional Placing Shares there will be a total
of 210,668,048 ordinary shares of 3 pence each in the capital of the Company.
16 June 2011
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +44 20 3151 0970
Fairfax I.S. PLC
AIM Nomad and Broker
Ewan Leggat/Laura Littley
Tel: +44 207 598 5368
Ocean Equities Limited
Guy Wilkes
Tel: +44 207 786 4370
PSG Capital (Pty) Limited
John-Paul Dicks
Tel: +27 21 887 9602
Russell & Associates
Charmane Russell/Marion Brower
Tel: +27 11 880 3924
Blythe Weigh Communications
Ana Ribero
Tel +44 020 7138 3206
Date: 17/06/2011 07:05:08 Produced by the JSE SENS Department.
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