11 Oct 2010 13:08
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.
11 October 2010
AIM: STEL
Stellar Diamonds plc
("Stellar" or the "Company")
RESULT OF GENERAL MEETING
Stellar, the AIM-quoted diamond mining and exploration company focused on West Africa, is pleased to announce that at the General Meeting held today in relation to its recently announced proposed placing to raise gross proceeds of £1.9 million, all of the Resolutions set out in the Notice of General Meeting contained in the circular were duly passed without amendment.
Application has been made for the admission of 38,000,000 new Ordinary Shares of 5 pence each in the Company to be admitted to trading on the AIM market of the London Stock Exchange on 12 October 2010. In connection with the placing the Company has issued 23,064,383 unlisted warrants with a conversion price of 12 pence per share which expire on 11 April 2012. Upon admission the enlarged issued share capital of the Company will consist of 139,266,659 Ordinary Shares.
Enquiries:
Stellar Diamonds plc
Karl Smithson, Chief Executive Tel: +44 (0) 7783 707 971
Angus Ogilvie, Finance Director Tel: +44 (0) 7885 201 903
RBC Capital Markets
Martin Eales / Brett Jacobs Tel: +44 (0) 20 7653 4000
Astaire Securities
Charles Vaughan Tel: +44 (0) 20 7492 4763
Pelham Bell Pottinger
Charles Vivian / James MacFarlane Tel: +44 (0) 20 7861 3232
About Stellar Diamonds plc
Stellar Diamonds plc is a London (AIM: STEL) quoted diamond mining and exploration company that has a portfolio of projects in West Africa. Two projects in Guinea are in production, Mandala and Bomboko, which provide cash flow to the Company.
Stellar also owns rights over four high-grade kimberlites that are the focus of further development. In Sierra Leone the Tongo and Kono projects comprise a series of kimberlite dykes, with the Kono project having produced 4,200 carats of diamonds through underground trial mining. In Guinea the Droujba kimberlite pipe and the Bouro kimberlite dykes are located in proximity to the Mandala mine and demonstrate grades of up to 200cpht and 500cpht respectively.