The Company announces that it has raised £614,300 by way of a private placement of 3,071,500 new ordinary shares at 20p per share and has received the subscription monies. In connection with this private placement, the Company will also issue 3,071,500 share subscription warrants, subject to shareholder approval at an Extraordinary General Meeting which is to be convened in the near future. The warrants will be exercisable at 30p per share and will be valid for twenty four months.
The funds raised through the private placement will be used for the Company's working capital.
Application has been made for these shares to be admitted to AIM and it is expected that they will be admitted on 9 January 2006. Following the subscription, the Company has in issue 57,066,283 ordinary shares.
The Company owns diamond interests in Lesotho and Finland. Its principle project is currently the Liqhobong Satellite Mine in Lesotho which has commenced processing primary kimberlite. First diamond sales were held in November 2005 and the next sale is expected in January 2006.
The Company also has diamond exploration projects in Finland, principally at Lahtojoki, Lentiira and Area 3. The positive results from sampling confirm the prospectivity of the Finnish part of the Karelian craton.
European Diamonds PLC is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and its shares trade under the symbol EPD.
For further information please contact:
Roy Spencer, Chief Executive or James Cable, Finance Director and Company
Secretary
European Diamonds PLC
Tel: +44 (0) 20 7529 7502
Fax: +44 (0) 20 7491 2244
Enterprise Products Partners L.P stock quotes
Enterprise Products Partners L.P stock charts
Follow this thread
