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BlueRock Diamonds Raises GBP500,000 Via Share Placing, Subscription (ALLISS)

Mon, 19th Mar 2018 17:33

LONDON (Alliance News) - BlueRock Diamonds PLC on Monday said it has raised approximately GBP500,000 through the issue of 33.3 million shares at a price of 1.5 pence per share.

Each share will be accompanied by a warrant to subscribe for a further share at a price of 3.0p per share. Shares in BlueRock closed up 2.7% at 1.92p per share on Monday.

The company said it will use the majority of the funds to develop and expand its mining activities in South Africa.

Currently, BlueRock is focused on mining pipe 2 and intends to incorporate pipe 1, which is located 40 metres from pipe 2, into the main plan. The group said that although both pipes are of a similar size, pipe 1 has an inferred grade of 6.3 carats per hundred tonnes, 40% higher than the inferred grade of 4.5 carats per hundred tonnes of pipe 2.

BlueRock said the previously guided production target of 275,000 tonnes of ore in 2018 remains "at the bottom end" of the company's expectations. It is seeking to increase the recovered grade at Kareevlei from the current expectation of 3.5 to 4.5 carats per hundred tonnes of ore.

BlueRock Chief Executive Officer Adam Waugh said: "Opening up pipe 1 will offer us flexibility in our mine planning as operations expand at Kareevlei. These funds will allow us to do the necessary preparation to pipe 1 and put us in a position to be mining kimberlite from pipe 1 during the third quarter of 2018. We are currently mining pipe 2 and continue with our bulk sampling work at pipe 5."

"We are excited by the potential we've seen at Kareevlei particularly, as we have been progressing deeper into pipe 2. We look forward to continuing to expand our operations and soon having kimberlite available from three of our five identified kimberlite pipes," Waugh added.

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31 Jul 2023 07:58

IN BRIEF: BlueRock Diamonds to exit administration via dissolution

BlueRock Diamonds PLC - South Africa-focused diamond miner - SP Angel Corporate Finance LLP steps down as nominated advisor. BlueRock's shares were suspended from trading on AIM back on February 24, due to financial uncertainty surrounding the company, and will be cancelled six months from that point, meaning around August 24. BlueRock is in administration and on Friday says it will exit via a distribution to preferential creditors and dissolution of the company, rather than a company's voluntary agreement. BlueRock says this follows significant correspondence with the proposed purchaser of its principal operating subsidiary, Kareevlei Mining Ltd, which itself has been placed into business rescue.

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26 Jun 2023 17:33

TRADING UPDATES: New patents for Sareum; Guanajuato hails assessment

(Alliance News) - The following is a round-up of updates by London-listed companies, issued Monday and not separately reported by Alliance News:

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6 Jun 2023 19:37

TRADING UPDATES: Woodbois strikes repayment deal with Sydbank

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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24 May 2023 17:07

IN BRIEF: BlueRock Diamonds adopts rescue plan for Kareevlei mine

BlueRock Diamonds PLC - South Africa-focused diamond producer - Notes adoption of business rescue plan for Kareevlei diamond mine, which it received last week Tuesday. The plan indicates a proposal led by Teichmann Group for the acquisition of Kareevlei through the assets or its shares and loan account owned by BlueRock Diamonds. The board notes that this proposal is significantly less than the amount outstanding to all the creditors of BlueRock of approximately GBP2.7 million.

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11 Apr 2023 18:00

BlueRock Diamonds future uncertain with Kareevlei in business rescue

(Alliance News) - BlueRock Diamonds PLC on Tuesday provided an update regarding its principal operating subsidiary, Kareevlei Mining Pty Ltd, being placed into business rescue in February and the subsequent impact on the company.

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28 Feb 2023 21:05

TRADING UPDATES: Eco Atlantic swings to loss; Curtis approves takeover

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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24 Feb 2023 15:51

IN BRIEF: BlueRock shares suspended due to financial uncertainty

BlueRock Diamonds PLC - diamond producer focused on South Africa - Announces that it has requested the suspension of its shares on the AIM market of the London Stock Exchange due to financial uncertainty. Says principal operating subsidiary Kareevlei Mining Ltd has been placed into business rescue.

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24 Feb 2023 14:49

BlueRock Diamonds suspends shares, cites 'financial uncertainty'

(Sharecast News) - AIM-listed BlueRock Diamonds said on Friday that it has requested its shares be suspended from trading "due to financial uncertainty" after its principal operating subsidiary, Kareevlei Mining, was placed into business rescue.

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26 Jan 2023 21:52

TRADING UPDATES: Proton wins order; Caerus Mineral sells assets

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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23 Jan 2023 22:00

TRADING UPDATES: CyanConnode to raise funds; Pure Gold cancels listing

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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17 Jan 2023 20:13

TRADING UPDATES: Equals to beat market forecasts; Pebble in line

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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17 Jan 2023 16:53

LONDON MARKET CLOSE: FTSE 100's quest for record hits stumbling block

(Alliance News) - A nervy day for markets in London on Tuesday put some distance between the FTSE 100 and its all-time high, with poor earnings from Goldman Sachs souring the mood.

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24 Nov 2022 08:19

IN BRIEF: BlueRock Diamonds reviews proposals for KV2, Kareevlei mine

BlueRock Diamonds PLC - diamond producer focused on South Africa - Evaluating proposals to overcome "critical path constraints" on mining the KV2 pit at the Kareevlei diamond mine in South Africa. Says that its ZAR30 million loan facility agreement with Teichmann South Africa Proprietary Ltd currently remains out of terms at present with ZAR47.2 million outstanding at the end of October 2022. Plans to bring its facility agreement within limits in the first quarter of 2023.

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28 Oct 2022 21:18

TRADING UPDATES: SulNOx, Marwyn loss widens; Kropz gets new facility

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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11 Oct 2022 14:51

TRADING UPDATES: Scirocco repays loan; Vp says rail strikes slow works

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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