Proceeds earmarked to accelerate development work at Liqhobong Mine
By Melissa Kory
Cleveland, July 28 - Firestone Diamonds plc said it conditionally raised £13.5 million through the placement of 48,649,000 new ordinary shares.
The shares were placed at 27.75p per share, a 0.47% premium from the July 27 closing price of 27.62p.
Mirabaud Securities LLP is arranging the placing.
Of the 48,649,000 new shares placed, 28,865,000 were placed within the existing authorities granted to the directors, raising £8.01 million.
The placing of the remaining 19,784,000 shares is conditional on the company obtaining approval from shareholders of a dis-application of pre-emption rights in relation to their allotment at the Aug. 30 general meeting.
The 28,865,000 shares are expected to be admitted to trading on AIM on Aug. 3. The remaining shares are expected to be admitted to trading on Aug. 31.
The proceeds will be used to accelerate development work at Liqhobong Mine, to complete grid power connection at BK11 Mine, to begin the evaluation of BK16 and other Orapa kimberlites and for other working capital purposes.
Leeds, England-based Firestone is a diamond mining and exploration company with operations in South Africa and Botswana.
| Issuer: | Firestone Diamonds plc
|
| Issue: | Ordinary stock
|
| Amount: | £13.5 million
|
| Shares: | 48,649,000
|
| Price: | 27.75p
|
| Warrants: | No
|
| Agent: | Mirabaud Securities LLP
|
| Pricing date: | July 28
|
| Stock symbol: | London: FDI
|
| Stock price: | 27.62p at close July 27
|
| Market capitalization: | £89.02 million
|
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