2 Apr 2012 16:39
Firestone Diamonds plc
Results of General Meeting and Change of Registered Office
LONDON: 2 April 2012
Results of General Meeting
Firestone Diamonds plc ("Firestone" or the "Company"), the AIM-quoted diamond mining and exploration company (ticker: AIM: FDI), announces that at the general meeting of the Company (the "GM") held earlier today, all resolutions were duly passed.
As a result, the Company has (subject to admission to trading on AIM) allotted 172,900,000 ordinary shares (raising gross proceeds of £14.7 million) pursuant to the conditional placing (the "Placing") announced in the circular to shareholders on 15 March 2012 (the "Circular"). Additionally, the Capital Reorganisation of the Company has also now been approved as set out in the Circular.
Further to the timetable announced on 15 March 2012 the expected timetable of principal events has been amended as set out below:
Record Date and time for implementation of the Capital Reorganisation | 6.00 p.m. on 3 April 2012 | |
Admission and dealings in the New Ordinary Shares expected to commence | 4 April 2012 | |
Admission and dealings in the Placing Shares expected to commence | 4 April 2012 | |
Latest date for despatch of definitive share certificates in respect of the Placing Shares | 10 April 2012 | |
Following admission the total issued ordinary share capital of the Company will be 545,513,111 ordinary shares, all of which have voting rights.
Director Shareholding
Tim Wilkes, who has agreed to subscribe for 350,000 ordinary shares pursuant to the Placing, is interested in 1,025,938 ordinary shares in the Company representing an interest of 0.19 per cent. of the total voting rights of the Company. This corrects the statement with respect to Mr Wilkes' interests in the announcement of 15 March 2012. In addition, Tim Wilkes is interested in 1,650,000 options over ordinary shares in the Company as follows:
Options Held Option Exercise Price Expiry Date
650,000 £0.20 29/05/2015
1,000,000 N/A (Long term 25/10/2016
incentive shares)
Change of Registered Office
Firestone would finally like to advise that the registered office of the Company has been changed to the following address:
The Triangle
5-17 Hammersmith Grove
London
W6 0LG
Lucio Genovese, Non-executive Chairman of Firestone, commented: "We are very pleased with the results of the General Meeting and look forward to focusing on the Company's flagship Liqhobong project in Lesotho, which should enable Firestone to become a 1+ million carat per annum producer by 2015. We would like to take this opportunity to thank the existing shareholders for their continued support and to thank the new shareholders for their confidence in the Company."
For further information, visit the Company's web site at www.firestonediamonds.com or contact:
Tim Wilkes, Firestone Diamonds | +267 713 77686 / +44 20 8741 7810 |
Rory Scott, Mirabaud Securities (Nominated Broker)
| +44 20 7878 3360 |
Robert Beenstock, N+1 Brewin (Nominated Adviser)
| +44 20 3201 3170 |
Jos Simson / Emily Fenton, Tavistock Communications
| +44 20 7920 3150/+44 7899 870 450 |
Background information on Firestone Diamonds:
Firestone Diamonds plc is an international diamond mining and exploration company with operations focused on Lesotho and Botswana. Firestone currently operates the Liqhobong Mine in Lesotho and is also the largest holder of mineral rights in Botswana's diamondiferous kimberlite fields, controlling approximately 10,000 square kilometres around the major Orapa and Jwaneng mines and the entire Tsabong kimberlite field. In addition to Liqhobong and BK11, Firestone has 108 kimberlites in its portfolio, of which 30 have been proven to be diamondiferous.
Lesotho is emerging as one of Africa's significant new diamond producers, and hosts Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine as well as the Kao and Mothae development projects. Botswana is the world's largest and lowest cost producer of diamonds, with annual production worth over $2.5 billion, and is considered to be one of the most prospective countries in the world to explore for diamonds.