| Fri 30 Mar 2012, 7:05 | | RDI - Rockwell - Discontinuation of listing on the OTC Bulletin Board |
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RDI
RDI
RDI - Rockwell - Discontinuation of listing on the OTC Bulletin Board
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia,
Canada)
(Incorporation number BCO354545)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI ISIN: CA77434W2022
Share code on the TSX: RDI CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
March 30, 2012 Vancouver, BC - Rockwell Diamonds Inc. ("Rockwell" or the
"Company") (TSX: RDI; JSE: RDI; OTCBB: RDIAF) announces its intention to
file a Form 15F with the United States Securities and Exchange Commission
(the "SEC"), and thereby voluntarily terminate the registration of its
common shares under the United States Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The Company expects that termination of the
registration of its common shares will become effective 90 days after the
date of filing of the Form 15F with the SEC. However, as a result of the
filing of the Form 15F, the Company`s obligation to file certain reports
with the SEC will be immediately suspended.
The Company`s Board of Directors considered many factors in making this
decision, including the low liquidity of the stock on the OTC Bulletin
Board, the cost associated with preparing and filing periodic reports and
other filings with the SEC; and the demands placed on management to comply
with SEC reporting obligations. Accordingly, the Company believes that the
costs associated with continuing the registration of its common shares
under the Exchange Act outweigh the benefits received by the Company from
maintaining its registration.
The Company will continue to meet its Canadian continuous disclosure
obligations through filings with the applicable Canadian securities
regulators. All of the Company`s filings can be found under the Company`s
profile at the System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com.
Rockwell will maintain its primary listing on the Toronto Stock Exchange
(TSX: RDI) and its secondary inward listing on the JSE Limited (JSE:RDI).
For further information on Rockwell and its operations in South Africa,
please contact:
James Campbell
CEO
+27 (0)83 457 3724
Stephanie Leclercq
Investor Relations
+27 (0)83 307 7587
About Rockwell Diamonds:
Rockwell is engaged in the business of operating and developing alluvial
diamond deposits, with a goal to become a mid-tier diamond production
company. The Company has three existing operations, which it is
progressively optimizing, two development projects and a pipeline of
earlier stage properties with future development potential.
Rockwell also evaluates merger and acquisition opportunities which have the
potential to expand its mineral resources and production profile and would
provide accretive value to the Company.
No regulatory authority has approved or disapproved the information
contained in this news release.
Forward Looking Statements
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized by
words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially
from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those in
forward-looking statements include uncertainties and costs related to
exploration and development activities, such as those related to
determining whether mineral resources exist on a property; uncertainties
related to expected production rates, timing of production and cash and
total costs of production and milling; uncertainties related to the ability
to obtain necessary licenses, permits, electricity, surface rights and
title for development projects; operating and technical difficulties in
connection with mining development activities; uncertainties related to the
accuracy of our mineral resource estimates and our estimates of future
production and future cash and total costs of production and diminishing
quantities or grades if mineral resources; uncertainties related to
unexpected judicial or regulatory procedures or changes in, and the effects
of, the laws, regulations and government policies affecting our mining
operations; changes in general economic conditions, the financial markets
and the demand and market price for mineral commodities such and diesel
fuel, steel, concrete, electricity, and other forms of energy, mining
equipment, and fluctuations in exchange rates, particularly with respect to
the value of the US dollar, Canadian dollar and South African Rand; changes
in accounting policies and methods that we use to report our financial
condition, including uncertainties associated with critical accounting
assumptions and estimates; environmental issues and liabilities associated
with mining and processing; geopolitical uncertainty and political and
economic instability in countries in which we operate; and labour strikes,
work stoppages, or other interruptions to, or difficulties in, the
employment of labour in markets in which we operate our mines, or
environmental hazards, industrial accidents or other events or occurrences,
including third party interference that interrupt operation of our mines or
development projects.
For further information on Rockwell, Investors should review Rockwell`s
annual Form 20-F filing with the United States Securities and Exchange
Commission www.sec.com and the Company`s home jurisdiction filings that are
available at www.sedar.com.
30 March 2012
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 30/03/2012 07:05:01 Produced by the JSE SENS Department.
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