Stellar Diamonds PLC Extension of Transaction Longstop date (8409J)
July 03 2017 - 2:00AM
UK Regulatory
TIDMSTEL
RNS Number : 8409J
Stellar Diamonds PLC
03 July 2017
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
TO US NEWS WIRE SERVICES.
3 July 2017
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
Extension of Transaction Longstop date and Amendments to
Convertible Loan Notes
Stellar Diamonds plc, the London listed diamond development
company focused on West Africa, announces that it has agreed a two
week extension with Octea Mining to the longstop date for the
satisfaction of certain of the conditions precedent of the binding
Tribute Mining and Revenue Agreements in relation to the
Tongo-Tonguma mine development project in Sierra Leone ("the
Transaction"), as defined in the announcement dated 28 April 2017.
This longstop date may be extended by a further two weeks subject
to agreement from Octea.
Additionally the Company has agreed a further 45 day extension
to the longstop dates with the noteholders ("Noteholders") of its
two outstanding Convertible Loan Notes ("CLNs") the details of
which are set out and described in the announcements by the Company
of 2 November 2015, 6 October 2016, 24 February 2017 and 5 May
2017. As a result of these extensions, the longstop dates by which
the Transaction must complete are extended to 15 September 2017 for
the purposes of the $1.24m CLN and to 15 August 2017 for the
purposes of the $1.65m CLN. Should the amended longstop dates fall
during the notice period for a General Meeting called for the
purpose of obtaining shareholder approval for any aspect of the
Transaction the noteholders also agree to extend the longstops to
the date one week following the conclusion of the General
Meeting.
For the avoidance of doubt, other than as set out in this
announcement, all other terms of the Tribute Mining Agreements and
CLNs remain in force. By virtue of Deutsche Balaton (a Noteholder)
being a substantial shareholder of the Company and Steven Poulton
(a Noteholder) being a non-executive Director of the Company, the
amendments to the CLN above constitute related party transactions
under the AIM Rules for Companies. The Directors who are
independent of the convertible loan notes consider that, having
consulted with the Company's Nominated Adviser, the amended terms
of the CLNs are fair and reasonable in so far as the Company's
shareholders are concerned.
For further information contact the following or visit the
Company's website at www.stellar-diamonds.com.
Karl Smithson, Stellar Diamonds plc Tel: +44 (0) 20
CEO Stellar Diamonds plc 7010 7686
Philip Knowles, Tel: +44 (0) 20
CFO 7010 7686
Emma Earl Cairn Financial Advisers Tel: +44 (0) 20
Sandy Jamieson (Nominated Adviser) 7213 0880
Jon Bellis Beaufort Securities Tel: +44 (0) 20
Limited (Joint Broker) 7382 8300
Martin Lampshire Peterhouse Corporate Tel: +44 (0) 20
Finance (Joint Broker) 7469 0930
Rory Scott Mirabaud Securities
(Financial Advisers) Tel: +44 (0) 20
7878 3360
Tim Blythe Blytheweigh Tel: +44 (0) 20
Nick Elwes (Financial PR) 7138 3204
About Stellar Diamonds plc
Stellar is an AIM listed (AIM: STEL) focussed on developing the
high-grade and high value Tongo-Tonguma project in Sierra
Leone.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "will" or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. In particular,
there is no guarantee that the Company will be able to complete the
Transaction. Such forward looking statements re ect the Directors'
current beliefs and assumptions and are based on information
currently available to the Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
** ENDS **
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUGUPPMUPMGQP
(END) Dow Jones Newswires
July 03, 2017 02:00 ET (06:00 GMT)
Stellar Diamonds (LSE:STEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stellar Diamonds (LSE:STEL)
Historical Stock Chart
From Apr 2023 to Apr 2024