AIM Admission - First Day of Dealings
22 Fevereiro 2010 - 4:00AM
UK Regulatory
TIDMSTEL
RNS Number : 4331H
Stellar Diamonds PLC
22 February 2010
22 February 2010
Stellar Diamonds plc
("Stellar" or the "Company")
Admission to AIM - First Day of Dealings
Stellar, a focused diamond exploration, production and development company with
a portfolio of properties in West Africa is pleased to announce its admission to
the AIM market of the London Stock Exchange and the first day of dealings in its
ordinary shares under ticker symbol STEL at 8.00 a.m. today, following the
completion of the reverse acquisition of Stellar Diamonds Limited by West
African Diamonds plc ("WAD") and a GBP5 million placing (before expenses). On
Admission, the Company will have 96,581,432 ordinary shares in issue and will
have a market capitalisation of approximately GBP19 million.
Highlights
· Stellar is focused on building a leading diamond explorer and producer in
West Africa
· The Company will have a number of opportunities to harness corporate and
operational synergies, thus allowing the operational cost base per carat to be
reduced
· Revenue from the two producing alluvial mines, Bomboko and Mandala, will
reduce financial risk, increase cashflow and enhance growth possibilities
· Stellar will have four high grade kimberlite projects at various stages of
development - Tongo and Kono (in Sierra Leone) and Droujba and Bouro (in Guinea)
· The strengthened balance sheet and two producing projects provide a good
platform for the Company to seek further growth by acquisition
· The board has significant experience in the West African mining industry
and a proven track record of developing mines
RBC Capital Markets is the nominated adviser and broker to the Company.
Commenting on Admission, Karl Smithson, Chief Executive Officer, said:
"We look forward to executing the Company's growth strategy in an improving
diamond sector. Stellar has a good balance of portfolio projects that bring a
combination of immediate cash flow and excellent exploration and development
upside. I look forward to updating our shareholders on progress in due course."
Copies of the Admission Document are available on the Company's website
(www.stellar-diamonds.com) or from RBC Capital Markets, 71 Queen Victoria
Street, London EC4V 4DE.
Enquiries:
Stellar Diamonds plc
Karl Smithson Tel: +44 (0) 7783 707971
RBC Capital Markets
Martin Eales / Daniel Conti
Tel: +44 (0) 20 7653 4000
Astaire Securities
Jerry Keen / Charles Vaughan Tel:
+44 (0) 20 7448 4400
Pelham Bell Pottinger
Charles Vivian / James MacFarlane Tel: +44
(0) 20 7337 1500
Information on Stellar
Stellar is focused on building a leading diamond explorer and producer in West
Africa.
The key short term strategy of the Company will be to focus on production and
cash flow from its two producing mines at Mandala and Bomboko. However, the
longer term strategy will involve the development of its advanced, high-grade
kimberlite exploration projects at Tongo and Kono (in Sierra Leone) and Droujba
and Bouro (in Guinea). Each of these projects demonstrates economic potential
and work programmes are planned in order to define this potential.
Background
On 27 January 2010 it was announced that the Admission Document and Notice of
General Meeting in relation to the acquisition of Stellar Diamonds Limited by
WAD (the "Acquisition") was posted to shareholders and that WAD was successful
in raising gross proceeds of GBP5 million (the "Placing"), conditional on
completion of the Acquisition and readmission. The proceeds from the Placing
will be utilised to capitalise existing producing mines, accelerate the
Company's production ramp up, and advance key kimberlite development and
exploration projects.
On 19 February 2010 all resolutions at WAD's General Meeting were duly passed by
shareholders and subsequently the acquisition of Stellar Diamonds Limited and
the Placing was completed, conditional only on admission. The name of the
company has been changed from West African Diamonds plc to Stellar Diamonds plc.
Key Statistics
+------------------------------+------------------------------+
| Placing price per Placing | 20p |
| share | |
+------------------------------+------------------------------+
| Number of Placing shares | 25,000,000 |
| being issued pursuant to the | |
| Placing | |
+------------------------------+------------------------------+
| Placing shares as a | 26 per cent. |
| percentage of the enlarged | |
| share capital | |
+------------------------------+------------------------------+
| Number of ordinary shares in | 96,581,432 |
| issue immediately following | |
| Admission | |
+------------------------------+------------------------------+
| Gross proceeds of the | GBP5,000,000 |
| Placing | |
+------------------------------+------------------------------+
| Estimated net proceeds of | GBP4,300,000 |
| the Placing receivable by | |
| the Company | |
+------------------------------+------------------------------+
| Market capitalisation of the | GBP19,386,332 |
| Enlarged Group at the | |
| Placing price following | |
| completion of the | |
| Acquisition | |
+------------------------------+------------------------------+
| ISIN number | GB00B5V61531 |
+------------------------------+------------------------------+
| Ticker | STEL |
+------------------------------+------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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