14 Oct 2016 07:00
14 October 2016
DiamondCorp plc
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", "the Group" or "the Company")
Funding update
Further to the announcements of 12 and 13 October 2016, DiamondCorp announces that the third party with whom the Company has been in advanced discussions for the provision of a convertible debt facility has withdrawn from such discussions due to the adverse movement in the Company's share price.
However, the Company is in accelerated discussions with certain of the Company's shareholders and other third parties with a view to securing the necessary additional funding of c.£500,000 to satisfy immediate financial commitments. In the absence of a successful resolution to these discussions, it is likely that the Group will be unable to continue trading as a going concern in the very near term.
No assurances can be given at this stage that the provision of the required immediate term funding will be entered into either in time or at all. Additionally, in the event that the Company secures the required immediate term funding, there can be no certainty that the Company will subsequently secure the necessary funding solutions to meet its longer term financial requirements as previously announced.
The Company will update shareholders accordingly.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 56 216 1300
Euan Worthington, Chairman
Tel: +44 7753 862 097
UK Broker & Nomad
Panmure Gordon (UK) Limited
Adam James/Atholl Tweedie
Tel: +44 20 7886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)Megan Young
Tel: +27 11 445 8068
SA Corporate Advisor
Qinisele Resources Proprietary Limited
Dennis Tucker/Andrew Brady
Tel: +27 11 883 6358
The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").