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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
River Diamonds | LSE:RVD | London | Ordinary Share | GB00B00SV774 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 3222W River Diamonds PLC 09 June 2008 AIM: RVD River Diamonds Plc ("River Diamonds" or "the Company") Placing of £3 million and Expanded Exploration Programme Underway River Diamonds is pleased to announce that it has raised an additional £3m at 4.25p per share. This follows the £5.5m financing announced by the Company on 5 June 2008. Gross proceeds of this latest fundraising are £2,999,999.98 through the issue of 70,588,235 ordinary shares at a placing price of 4.25p per share, representing approximately 3.7% of the enlarged issued share capital. Application will be made for the new shares to be admitted to trading on AIM and it is expected that admission will take place on or around 16 June 2008. The total number of ordinary shares in issue following this placing and issue of shares is 1,902,371,072. These funds will be used primarily, for an expanded exploration programme at the Company's wholly-owned Vatukoula Gold Mine in Fiji ("Vatukoula" or "the Project"). This exploration programme will seek to: * Increase Vatukoula's stated JORC-compliant gold reserves of 830,000 ounces (2.26 million tonnes grading 11.41 grams per tonne gold) by upgrading the JORC-compliant resource base of 5,150,000 ounces (16.84 million tonnes grading 9.49 grams per tonne gold). This will facilitate the mining operations in planning and optimising annual production and operating costs * Increase Vatukoula's gold resource base above those already identified. Four initial target areas have been identified namely: 1) Near mine open pittable opportunities 2) Vatukoula Deep Project 3) In-fill drilling on existing resource base 4) New Targets identified within the existing Special Prospecting License Areas David Lenigas, Executive Director of River Diamonds, commented, "We are delighted to have successfully concluded these fundraisings which underline investors' conviction in the Vatukoula project. The Vatukoula Gold Mine has a long and impressive production history yet exploration has been significantly under-funded over the past decade. The recommencement of exploration drilling at the Vatukoula Deep and surrounding areas is now focused on increasing reserves and resources at the mine and continuing Vatukoula's success." Qualified Person Kiran Morzaria B.Eng (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School. Kiran is the Finance Director of River Diamonds. He is a fellow of the Geological Society. Enquiries: River Diamonds plc Hichens, Harrison & Co plc David Lenigas + 44 20 7016 5100 Dave Paxton + 44 20 7382 7785 Colin Orr Ewing + 44 20 7352 4117 W.H. Ireland Limited Parkgreen Communications David Porter + 44 20 7220 1666 Louise Goodeve + 44 20 7851 7480 James Joyce Justine Howarth This information is provided by RNS The company news service from the London Stock Exchange END LISFLMFTMMTMBBP
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