28 Apr 2016 11:51
BlueRock Diamonds plc ("BlueRock" or "the Company")
28 April 2016
Placing raises £700,000
BlueRock Diamonds plc, the AIM listed diamond mining company which owns and operates the Kareevlei mine in South Africa is pleased to announce that it has raised £700,000 via the issue of 6,363,636 new ordinary shares of 1 pence each in the capital of the Company ("the Placing Shares") at a price of 11 pence per Placing Share to directors of the Company and to both new and existing shareholders ("the Placing").
BlueRock CEO Adam Waugh said, "We are delighted that our placing has been supported by both new and existing shareholders. The funds raised will enable us to continue the transformation of our mining activity at Kareevlei. We are at an early stage in the exploitation of our reserves and this funding will support the continued development of the known assets in our licence area.
I look forward to updating the market on our progress in due course."
Directors' Participation
Directors are participating in the Placing as follows:
Shareholder name | Interest in existing Ordinary Shares | Percentage interest in existing Ordinary Shares | No. of Placing Shares | Interest in Ordinary Shares on completion of the Placing | Percentage Interest in Ordinary Shares on completion of the Placing | |
Paul Beck1 | 1,740,625 | 5.37 | 227,273 | 1,967,898 | 5.07 | |
Adam Waugh | Nil | Nil | 227,273 | 227,273 | 0.59 | |
1 Mr Beck holds 1,512,443 ordinary shares of 1p each in the Company ("Ordinary Shares") and Front Square Securities Limited holds 455,455 Ordinary Shares. Mr Beck and his wife own 100% of the share capital in Front Square Securities Limited of which Mr Beck is also a director.
Paul Beck and Adam Waugh today entered into a binding commitment to underwrite the potential participation in the Placing by a certain investor. In the event that the investor is unable to complete the documentation required for his participation in the Placing by 29 April 2016, Paul Beck will subscribe for an additional 195,455 Placing Shares at 11p per share and Adam Waugh will subscribe for an additional 195,454 Placing Shares at 11p per share.
Grant of options
In addition, the Board has approved today the grant of shares options to Adam Waugh over 776,091 Ordinary Shares representing 2.00% of the share capital of the Company as enlarged by the Placing which will be exercisable from 1 May 2017 until 30 April 2021. Following this grant, Adam Waugh will hold options over a total of 776,091 Ordinary Shares. There are no other changes to the shares options held by any of the other directors.
Details of the Placing
Application will be made for the Placing Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence on or around 6 May 2016.
The proceeds of the placing will be used as working capital and for mine development.
Total Voting Rights
Following the issue of the Placing Shares, the issued share capital of the Company will consist of 38,804,580 Ordinary Shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 38,804,580.
The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.
Enquiries:
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BlueRock Diamonds plc Adam Waugh, CEO awaugh@bluerockdiamonds.co.uk
| SP Angel Corporate Finance LLP Nominated Adviser & Broker David Facey / Stuart Gledhill +44 (0) 20 3470 0470 |