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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Firestone Diamonds Plc | LSE:FDI | London | Ordinary Share | GB00BKX59Y86 | 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% | 0.20 | 0.15 | 0.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFDI
RNS Number : 5202J
Firestone Diamonds PLC
12 September 2016
12 September 2016
Firestone Diamonds plc
("Firestone", or the "Company") (AIM: FDI)
Update on the sale of the Botswana operations
Firestone Diamonds plc, the AIM-quoted diamond development company, has been informed by Tango Mining Limited ("Tango Mining") that it has not been able to meet the conditions of the conditional sale agreement ("CSA") by 9 September 2016 (the "Revised Drop Dead Date"), for the disposal of the Company's Botswana operations to Tango Mining (the "Disposal"). Accordingly, the CSA has lapsed and the Disposal will not proceed.
The Company's Botswana operations, including Firestone's interest in the low-grade high-value BK11 mine, are currently under care and maintenance. Whilst the Company is currently focussed on the completion and commissioning of its Liqhobong Diamond Mine in Lesotho with initial production expected to commence in early Q4 2016, management remain committed to seeking ways of advancing/unlocking the shareholder value from its Botswana assets, which the Company continues to believe has value.
The Company continues to forecast that, as previously announced, it will have cash of approximately US$9.0 million as at the end of December 2016. This does not include the US$15.0 million standby facility available to the Company or the proceeds of the Disposal, which had not been included in the cashflow projections. Accordingly, the Company believes that there will be no impact on the Company's cash position as a result of the Disposal not proceeding.
For more information contact:
+44 (0)20 8741 Firestone Diamonds plc 7810 Stuart Brown +44 (0)20 7409 Strand Hanson Limited (Nomad) 3494 Stuart Faulkner Richard Tulloch James Dance Macquarie Capital (Europe) Limited (Joint Broker) +44(0)20 3037 Raj Khatri 2000 Nick Stamp Mirabaud Securities LLP (Joint Broker) +44 (0)20 7878 Rory Scott 3360 +44 (0)20 7878 Ed Haig-Thomas 3447 Tavistock (Public and Investor +44 (0)20 7920 Relations) 3150 +44 (0)7788 554 Jos Simson 035 Emily Fenton
Background information on Firestone
Firestone is an international diamond development company with operations focused on Lesotho. Firestone is currently in the process of developing the Liqhobong Mine Development Project in Lesotho to become a one million carat per annum producer.
Lesotho is emerging as one of Africa's significant new diamond producers, and hosts Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine, as well as Namakwa Diamonds' Kao Mine and the Mothae development project.
For more information please visit: www.firestonediamonds.com.
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 12, 2016 02:01 ET (06:01 GMT)
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