Petra Diamonds Regulatory News (PDL)

5 Oct 2006 11:47

Petra Diamonds Ld05 October 2006 Petra Diamonds Limited Drawdown of US$20 million Convertible Bond Petra Diamonds Limited ("Petra" or "the Company"), the AIM-quoted and ASX-listeddiamond mining group, announces that further to the announcement of 19 September2006 with regards to the issue of a US$20 million unsecured, interest freeconvertible bond ("the Convertible") to Al Rajhi Holdings W.L.L, Petra has todaydrawn down the US$20 million under the terms of the Convertible. As stated in the announcement of 19 September 2006, the Company is currentlyevaluating opportunities that the board of Petra believe may have the potentialto grow revenue and cash flow, and the Company will provide further informationshould any of these opportunities progress to formal agreements. In themeantime, the proceeds of the Convertible will be held by Petra and accrue bankdeposit interest and any acquisitions or other business developments will besubject to the Company's demanding review criteria. Ends For further information, please contact: Justine Howarth / Cathy Malins Telephone: +44 (0) 20 7493 3713Parkgreen Communications, London For further information on Petra Diamonds, please visit www.petradiamonds.com This information is provided by RNS The company news service from the London Stock Exchange