Wrap Text
RDI - Rockwell Diamonds Incorporated - Rockwell completes C$7.8 million
financing
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia, Canada)
(Incorporation number BCO354545)
(Formerly Rockwell Ventures Inc.)
(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 COMPLETES C$7.8 MILLION FINANCING
Wednesday October 19, 2011, Vancouver, BC -- Rockwell Diamonds Inc. ("Rockwell"
or the "Company") (TSX:RDI; JSE:RDI, OTCBB:RDIAF) announces that it has now
completed its previously announced non-brokered private placement raising C$7.8
million.
The Company issued a total of 10,341,969 shares with total gross proceeds to the
Company of CAD7,584,012 and ZAR1,207,250. Of the total shares issued, 10,112,017
were listed on the TSX with the balance of 229,952 being listed on the JSE, at a
price of $0.75 and R5.25 in Canada and South Africa respectively. In accordance
with applicable Canadian securities laws, the hold periods on the 10,112,017
shares available to trade on the TSX are four months.
The funds were raised primarily from a number of institutional investors from
North America, Europe and South Africa. In addition, Rockwell`s strategic
diamond beneficiation and marketing partner Daboll Consultants Ltd, an affiliate
of the Steinmetz Diamond Group, subscribed for $5 million. The placement
received shareholders` approval on September 12, 2011.
The Company intends to use the net proceeds of this private placement to finance
the implementation of bulk x-ray plant at Saxendrift as well as the final
commissioning of the plant at Tirisano which is set to go into production by the
end of October 2011. The remaining funds will be used to settle the Tirisano
creditors and exploration and project development work.
For further information on Rockwell and its operations in South Africa, please
contact
James Campbell
CEO and President
+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 mining 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 has completed the acquisition of the Tirisano
property with effect from September 1, 2011.
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.
Date: 19/10/2011 14:30:01 Supplied by www.sharenet.co.za
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