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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Stellar Diamond | LSE:STEL | London | Ordinary Share | GB00BYZ5QT80 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTEL
RNS Number : 2631E
Stellar Diamonds PLC
05 May 2017
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.
5 May 2017
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
Amendments to Convertible Loan Notes
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announces that it has negotiated a two month extension to the longstop dates with the noteholders ("Noteholders") of its two outstanding Convertible Loan Notes ("CLNs"). Details of the CLNs are contained in the announcements by the Company of 2 November 2015, 6 October 2016 and 24 February 2017 and in particular, the two month extension relates to the longstop dates referred to in the announcement of 24 February 2017.
Chief Executive Karl Smithson commented:
"Stellar is undergoing a transformation from an explorer to a mine developer. I would like to thank the Noteholders for their continued support as we progress towards the commercial development of the 4.5million carat Tongo-Tonguma underground kimberlite diamond mine in Sierra Leone. We have made key advances in recent weeks in terms of signing the binding Tribute Mining Agreement and signing the contract for the Front End Engineering and Design for the initial mine development. With a low capex requirement of US$32 million, the proposed Tongo-Tonguma mine has the potential to be the second largest kimberlite diamond mine in West Africa, with forecast production levels of 200,000 carats per annum, generating revenues of over US$45 million per annum over a minimum life of mine of 21 years. I look forward to updating shareholders on our progress."
Note on Related Party Transaction
For the avoidance of doubt, other than as set out in this announcement, all other terms of the CLNs remain in force. By virtue of Deutsche Balaton being a substantial shareholder of the Company and Steven Poulton being a non-executive Director of the Company, the amendments above constitute related party transactions under the AIM Rules for Companies. The Directors who are independent of the CLNs and associated warrants consider, having consulted with the Company's Nominated Adviser, that 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 Tel: +44 (0) 20 (Financial Advisers) 7878 3360 Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20 Charlotte Ltd 7236 1177 Page
About Stellar Diamonds plc
Stellar is an AIM listed (AIM: STEL) West African focused diamond company with projects at the trial mining and mine development stages in Guinea and 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. 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
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(END) Dow Jones Newswires
May 05, 2017 02:01 ET (06:01 GMT)
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