AIM Admission - First Day of Dealings


 

TIDMSTEL 
 
RNS Number : 4331H 
Stellar Diamonds PLC 
22 February 2010 
 

22 February 2010 
 
                              Stellar Diamonds plc 
                          ("Stellar" or the "Company") 
 
 
                    Admission to AIM - First Day of Dealings 
 
Stellar, a focused diamond exploration, production and development company with 
a portfolio of properties in West Africa is pleased to announce its admission to 
the AIM market of the London Stock Exchange and the first day of dealings in its 
ordinary shares under ticker symbol STEL at 8.00 a.m. today, following the 
completion of the reverse acquisition of Stellar Diamonds Limited by West 
African Diamonds plc ("WAD") and a GBP5 million placing (before expenses).  On 
Admission, the Company will have 96,581,432 ordinary shares in issue and will 
have a market capitalisation of approximately GBP19 million. 
 
Highlights 
 
·     Stellar is focused on building a leading diamond explorer and producer in 
West Africa 
·     The Company will have a number of opportunities to harness corporate and 
operational synergies, thus allowing the operational cost base per carat to be 
reduced 
·     Revenue from the two producing alluvial mines, Bomboko and Mandala, will 
reduce financial risk, increase cashflow and enhance growth possibilities 
·     Stellar will have four high grade kimberlite projects at various stages of 
development - Tongo and Kono (in Sierra Leone) and Droujba and Bouro (in Guinea) 
·     The strengthened balance sheet and two producing projects provide a good 
platform for the Company to seek further growth by acquisition 
·     The board has significant experience in the West African mining industry 
and a proven track record of developing mines 
 
RBC Capital Markets is the nominated adviser and broker to the Company. 
 
Commenting on Admission, Karl Smithson, Chief Executive Officer, said: 
 
"We look forward to executing the Company's growth strategy in an improving 
diamond sector.  Stellar has a good balance of portfolio projects that bring a 
combination of immediate cash flow and excellent exploration and development 
upside. I look forward to updating our shareholders on progress in due course." 
 
Copies of the Admission Document are available on the Company's website 
(www.stellar-diamonds.com) or from RBC Capital Markets, 71 Queen Victoria 
Street, London  EC4V 4DE. 
 
 
Enquiries: 
 
Stellar Diamonds plc 
Karl Smithson  Tel: +44 (0) 7783 707971 
 
RBC Capital Markets 
Martin Eales / Daniel Conti 
Tel:  +44 (0) 20 7653 4000 
 
Astaire Securities 
Jerry Keen / Charles Vaughan                                                Tel: 
 +44 (0) 20 7448 4400 
 
Pelham Bell Pottinger 
Charles Vivian / James MacFarlane                                       Tel: +44 
(0) 20 7337 1500 
 
 
 
Information on Stellar 
 
Stellar is focused on building a leading diamond explorer and producer in West 
Africa. 
 
The key short term strategy of the Company will be to focus on production and 
cash flow from its two producing mines at Mandala and Bomboko. However, the 
longer term strategy will involve the development of its advanced, high-grade 
kimberlite exploration projects at Tongo and Kono (in Sierra Leone) and Droujba 
and Bouro (in Guinea). Each of these projects demonstrates economic potential 
and work programmes are planned in order to define this potential. 
 
Background 
 
On 27 January 2010 it was announced that the Admission Document and Notice of 
General Meeting in relation to the acquisition of Stellar Diamonds Limited by 
WAD (the "Acquisition") was posted to shareholders and that WAD was successful 
in raising gross proceeds of GBP5 million (the "Placing"), conditional on 
completion of the Acquisition and readmission.  The proceeds from the Placing 
will be utilised to capitalise existing producing mines, accelerate the 
Company's production ramp up, and advance key kimberlite development and 
exploration projects. 
 
On 19 February 2010 all resolutions at WAD's General Meeting were duly passed by 
shareholders and subsequently the acquisition of Stellar Diamonds Limited and 
the Placing was completed, conditional only on admission.  The name of the 
company has been changed from West African Diamonds plc to Stellar Diamonds plc. 
 
 
Key Statistics 
 
+------------------------------+------------------------------+ 
| Placing price per Placing    | 20p                          | 
| share                        |                              | 
+------------------------------+------------------------------+ 
| Number of Placing shares     | 25,000,000                   | 
| being issued pursuant to the |                              | 
| Placing                      |                              | 
+------------------------------+------------------------------+ 
| Placing shares as a          | 26 per cent.                 | 
| percentage of the enlarged   |                              | 
| share capital                |                              | 
+------------------------------+------------------------------+ 
| Number of ordinary shares in | 96,581,432                   | 
| issue immediately following  |                              | 
| Admission                    |                              | 
+------------------------------+------------------------------+ 
| Gross proceeds of the        | GBP5,000,000                 | 
| Placing                      |                              | 
+------------------------------+------------------------------+ 
| Estimated net proceeds of    | GBP4,300,000                 | 
| the Placing receivable by    |                              | 
| the Company                  |                              | 
+------------------------------+------------------------------+ 
| Market capitalisation of the | GBP19,386,332                | 
| Enlarged Group at the        |                              | 
| Placing price following      |                              | 
| completion of the            |                              | 
| Acquisition                  |                              | 
+------------------------------+------------------------------+ 
| ISIN number                  | GB00B5V61531                 | 
+------------------------------+------------------------------+ 
| Ticker                       | STEL                         | 
+------------------------------+------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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