Wrap Text
Placing to raise £2.1 million
DIAMONDCORP PLC
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", “the Group” or "the Company")
PLACING TO RAISE £2.1 MILLION
DiamondCorp, the Southern African diamond development, exploration and mining company,
is pleased to announce that it has placed 41,526,000 new ordinary shares of 0.1 pence each
in the Company (the “New Shares”) to raise gross proceeds of approximately £2.1 million (the
“Placing”).
The Placing, which was oversubscribed, was undertaken with a range of new and existing
institutional and private investors in both the UK and South Africa. The New Shares comprise
36,526,000 UK Placing Shares at a price of 5 pence each, placed through Panmure Gordon
(UK) Limited, and 5,000,000 SA Placing Shares at a price of ZAR0.90 each (being equivalent
to 5 pence based on current exchange rates), subscribed through Sasfin Capital. The price
per UK Placing Share and per SA Placing Share represents a discount of 7.0 per cent. and
10.9 per cent. to the closing mid-market price on AIM and AltX, respectively, on 27 March
2014.
The net proceeds of the Placing (which are expected to be approximately £2.0 million) will be
used to fund corporate overheads over the next two years and for general working capital
purposes. Development of the underground mine at Lace, operated by DiamondCorp's 74%
subsidiary Lace Diamond Mines (Pty) Limited, has been fully project financed for the 47 level
block cave. Underground mining remains within budget and on track for commercial
production ramp up in the second half of 2015.
Commenting on the Placing, DiamondCorp's CEO Paul Loudon said: "We are delighted with
the continued support of our existing shareholders and welcome some new shareholders onto
our register.
DiamondCorp is in the process of making the transition from mine developer to becoming a
mid-tier diamond producer, and we will be providing regular updates on the progress of the
development at Lace. We also look forward to announcing the results of drilling the additional
kimberlite resources in the Bulge area of the Lace pipe before the middle of the year.”
An updated corporate presentation will shortly be made available on the Company’s website
www.diamondcorp.plc.uk.
Admission and Dealings
The Placing is conditional on the admission of the New Shares to trading on the AIM Market
of the London Stock Exchange plc (“AIM”) and the Alternative Exchange of the JSE Limited
(“AltX”). Applications are in the process of being made to the London Stock Exchange and the
JSE Limited for admission of the 41,526,000 New Shares to be admitted to trading on AIM
and AltX ("Admission"). It is expected that such Admission will become effective and that
dealings will commence on AIM and AltX at 8.00 am UK time on 4 April 2014.
The New Shares will rank pari passu with existing ordinary shares of 0.1 pence each in the
Company (“Ordinary Shares”).
Following Admission, the Company will have 318,365,478 Ordinary Shares in issue, all of
which have voting rights. The New Shares will represent approximately 15.0 per cent. of the
enlarged issued ordinary share capital of the Company.
The above figure of 318,365,478 may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their interest in
DiamondCorp under the FCA's Disclosure and Transparency Rules.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 (0) 56 212 2930
Euan Worthington, Chairman
Tel: +44 (0) 7753 862 097
UK Broker & Nomad
Panmure Gordon (UK) Limited
Dominic Morley/Adam James
Tel: +44 20 7886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)
Noah Greenhill
Tel: +27 11 809 7711
28 March 2014
Johannesburg
Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 28/03/2014 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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