Directors and Institutional placing

 

TIDMWAD 
 
RNS Number : 1262W 
West African Diamonds PLC 
23 July 2009 
 

23rd July 2009 
 
 
 
 
 
 
Directors and Institutional placing 
 
 
West African Diamonds is pleased to announce that it has raised GBP650,000 
before expenses, through the placing of 21,666,675 new ordinary shares of 1 
pence ('Placing Shares') with Directors of the Company and institutional 
investors at a price of 3p. The funds will be used to expand production at West 
African Diamonds' Bomboko alluvial diamond mine in Guinea and as working 
capital. 
 
 
The Placing has been performed under existing share authorities, and the Placing 
Shares equate to approximately 24% of the enlarged issued share capital. West 
African Diamonds Directors, John Teeling, Alex Van Zyl and James Finn have 
participated in the Placing and have subscribed for 1,000,000, 1,000,000 and 
666,667 Placing Shares respectively. 
 
 
Following admission to trading on the AIM Market of the London Stock Exchange of 
the Placing Shares, which will rank pari passu in all respects with the existing 
ordinary shares, West African Diamonds' total issued and voting share capital 
will comprise of 89,947,519 Ordinary Shares. 
 
 
Subsequent to the Placing, The Directors of the Company will have the following 
shareholdings: 
 
+------------------------+-----------------+------------------------------+ 
|                        | No. of shares   | % of total enlarged share    | 
|                        |                 | capital                      | 
+------------------------+-----------------+------------------------------+ 
| John Teeling           | 2,015,862       | 2.24                         | 
+------------------------+-----------------+------------------------------+ 
| Alex Van Zyl           | 1,125,000       | 1.25                         | 
+------------------------+-----------------+------------------------------+ 
| James Finn             | 1,547,394       | 1.72                         | 
+------------------------+-----------------+------------------------------+ 
| J Campbell             | 125,000         | 0.14                         | 
+------------------------+-----------------+------------------------------+ 
 
 
 
 
Application will be made for the Placing Shares to be admitted to trading on AIM 
and it is expected that admission will take place on 6 August 2009. 
 
 
John Teeling, Chairman of West African Diamonds, commented: 
 
 
"In difficult financial markets, the support of institutional investors and West 
African Diamonds Directors is a sign of confidence. The funds will be used to 
complete and commission a substantial expansion of our Bomboko mine in Guinea." 
 
 
Enquiries: 
 
 
+-----------------------+-----------------------+----------------------------------+ 
| West African Diamonds plc                     |                                  | 
+-----------------------------------------------+----------------------------------+ 
| John Teeling, Chairman                        | [phone]                  | 
|                                               |                                  | 
+-----------------------------------------------+----------------------------------+ 
| James Campbell, Deputy Chairman               | [phone]                  | 
|                                               |                                  | 
+-----------------------------------------------+----------------------------------+ 
| Astaire Securities plc                        |  [phone]             | 
| Jerry Keen                                    |                                  | 
| Andrew Raca                                   |                                  | 
+-----------------------------------------------+----------------------------------+ 
| College Hill                                  | [phone]             | 
| Paddy Blewer                                  |                                  | 
| Nick Elwes                                    |                                  | 
+-----------------------+-----------------------+----------------------------------+ 
 
 
www.westafdiamonds.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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