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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 : 8481N
Stellar Diamonds PLC
14 August 2017
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.
14 August 2017
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
Update on Guinea Assets Sale
Further US$250,000 Exclusivity fee
Stellar Diamonds plc (AIM:STEL) announces that it has signed an extension of the exclusivity period to 31 August 2017 with BDG Capital ("BDG") to complete the due diligence process in relation to the disposal of Stellar's Guinea assets as announced on 5 June 2017 ("Guinea Announcement"). This exclusivity period may be further extended, if required, in order to complete the sale process. Due diligence is largely complete save for completion of the audit of one of Stellar's Guinean subsidiary companies and tax filings being completed for all three Guinea subsidiary companies being disposed of.
Coincident with the extension, a further US$250,000 is expected to be received by Stellar shortly from BDG taking the total exclusivity fee for the sale to US$500,000 ("Exclusivity Fee"). The terms of the Exclusivity Fee are as set out in the Guinea Announcement.
Review by Competent Person
This announcement has been reviewed by Karl Smithson, Chief Executive of Stellar, a qualified geologist and Fellow of the Institute of Materials, Minerals and Mining.
About Stellar Diamonds plc
Stellar is an AIM listed (AIM: STEL) diamond development company focused on the 4.5 million carat high-grade and high value Tongo-Tonguma kimberlite diamond project in the world famous diamond fields of eastern Sierra Leone. An independently generated mine plan, based on over 66,000m of drilling that has been completed to date, envisages the production of over 4 million carats, generating gross revenues of more than US$1.2 billion, over a 21 year life of mine. Initial production at Tongo-Tonguma is scheduled to occur in the first year of development, building up to over 200,000 carats per annum, with a weighted average modelled diamond value of $229 per carat. The Tongo-Tonguma mine is estimated to give Stellar an attributable a Post-tax NPV(8) of US$104 million and IRR of 31%.
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 7164 6371 Philip Knowles, CFO Emma Earl Cairn Financial Advisers Tel: +44 (0) 20 Sandy Jamieson (Nominated Adviser) 7213 0880 Gavin Burnell 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
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", "expect", "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, but not limited to, Completion of the Tongo-Tonguma transaction not occurring, the Tribute Mining Agreements being terminated before the end of the Project mine life, recoverability of diamonds not being as expected, 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 **
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This information is provided by RNS
The company news service from the London Stock Exchange
END
DISGGUWURUPMGWW
(END) Dow Jones Newswires
August 14, 2017 02:00 ET (06:00 GMT)
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