Directors and Institutional placing
2009年7月23日 - 3:00PM
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RNS Number : 1262W
West African Diamonds PLC
23 July 2009
23rd July 2009
Directors and Institutional placing
West African Diamonds is pleased to announce that it has raised GBP650,000
before expenses, through the placing of 21,666,675 new ordinary shares of 1
pence ('Placing Shares') with Directors of the Company and institutional
investors at a price of 3p. The funds will be used to expand production at West
African Diamonds' Bomboko alluvial diamond mine in Guinea and as working
capital.
The Placing has been performed under existing share authorities, and the Placing
Shares equate to approximately 24% of the enlarged issued share capital. West
African Diamonds Directors, John Teeling, Alex Van Zyl and James Finn have
participated in the Placing and have subscribed for 1,000,000, 1,000,000 and
666,667 Placing Shares respectively.
Following admission to trading on the AIM Market of the London Stock Exchange of
the Placing Shares, which will rank pari passu in all respects with the existing
ordinary shares, West African Diamonds' total issued and voting share capital
will comprise of 89,947,519 Ordinary Shares.
Subsequent to the Placing, The Directors of the Company will have the following
shareholdings:
+------------------------+-----------------+------------------------------+
| | No. of shares | % of total enlarged share |
| | | capital |
+------------------------+-----------------+------------------------------+
| John Teeling | 2,015,862 | 2.24 |
+------------------------+-----------------+------------------------------+
| Alex Van Zyl | 1,125,000 | 1.25 |
+------------------------+-----------------+------------------------------+
| James Finn | 1,547,394 | 1.72 |
+------------------------+-----------------+------------------------------+
| J Campbell | 125,000 | 0.14 |
+------------------------+-----------------+------------------------------+
Application will be made for the Placing Shares to be admitted to trading on AIM
and it is expected that admission will take place on 6 August 2009.
John Teeling, Chairman of West African Diamonds, commented:
"In difficult financial markets, the support of institutional investors and West
African Diamonds Directors is a sign of confidence. The funds will be used to
complete and commission a substantial expansion of our Bomboko mine in Guinea."
Enquiries:
+-----------------------+-----------------------+----------------------------------+
| West African Diamonds plc | |
+-----------------------------------------------+----------------------------------+
| John Teeling, Chairman | +353 1 833 2833 |
| | |
+-----------------------------------------------+----------------------------------+
| James Campbell, Deputy Chairman | +27 83 457 3724 |
| | |
+-----------------------------------------------+----------------------------------+
| Astaire Securities plc | +44 (0)20 7448 4400 |
| Jerry Keen | |
| Andrew Raca | |
+-----------------------------------------------+----------------------------------+
| College Hill | +44 (0) 20 7457 2020 |
| Paddy Blewer | |
| Nick Elwes | |
+-----------------------+-----------------------+----------------------------------+
www.westafdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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