AMI.L Regulatory News (AMI)

24 Jul 2007 12:48

Sierra Leone Diamond Company Ld24 July 2007 Proposed Cash Placing ("Proposed Placing") Sierra Leone Diamond Company (AIM: SLD), the diamond and mineral exploration andproduction company with interests focused in Sierra Leone, West Africa, todayannounces its intention to undertake a cash placing to raise between £20 millionand £25 million (before expenses) at 130 pence per share to provide funds tofinance its non-diamond exploration opportunities. Details of the Proposed Placing New common shares of US$0.01 each ("New Common Shares") will be placed withinstitutional investors to raise between £20 million and £25 million (gross ofexpenses). The Proposed Placing is based on a placing price of 130 pence pershare. Under the Proposed Placing, approximately 15.4 million and 19.3 millionNew Common Shares will be available to be placed, representing approximately11.8 to 14.8 per cent of SLDC's existing issued share capital. The net proceeds of the Proposed Placing will be used to provide further workingcapital and support SLDC's ongoing operations in Sierra Leone to develop itsnon-diamond exploration opportunities. In particular, the Proposed Placing isintended to finance scoping studies on the Tonkolili and Marampa Iron OreProjects and fund further exploration of SLDC's base metals, gold and uraniumassets. For further information please contact: Sierra Leone Diamond Company Limited +44 (0) 20 7849 3002Frank Timis, Executive ChairmanJamie Alpen, Chief Financial Officer Canaccord Adams Limited +44 (0) 20 7050 6500Mark AshurstMike Jones Citigate Dewe Rogerson +44 (0) 20 7638 9571Media enquiries: Martin Jackson/Kate DelahuntyAnalyst enquiries: Scott Fulton This information is provided by RNS The company news service from the London Stock Exchange