TIDMFDI
RNS Number : 3203V
Firestone Diamonds PLC
08 July 2009
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES,
JAPAN, CANADA OR
AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
FIRESTONE DIAMONDS plc
Update on Botswana operations and placing
LONDON: 8 July, 2009
Firestone Diamonds plc ("Firestone" or "the Company"), the AIM-quoted diamond
mining and exploration company (ticker: AIM:FDI), today announces that it has
conditionally placed 35,873,480 new ordinary shares ("Ordinary Shares") of 20
pence each (the "Placing Shares") at 20 pence per share (the "Placing Price") to
raise gross proceeds of approximately GBP7.2 million (the "Placing").In
addition, the Company announces an update on its BK11 and Jwaneng Tailings
projects in Botswana.
Placing Summary
+-----+------------------------------------------------------------------+
| - | Placing of 35,873,480 Ordinary Shares at a price of 20 pence per |
| | share to raise gross proceeds of approximately GBP7.2 million. |
+-----+------------------------------------------------------------------+
| - | Net proceeds of the Placing to be used to develop and commission |
| | a mine at BK11, commence resource development at BK16 and |
| | provide general working capital for the Company. |
+-----+------------------------------------------------------------------+
| - | Placing Price represents a discount of 24.5 per cent. to the |
| | closing middle market price of 26.5 pence per Ordinary Share on |
| | 7 July 2009, being the last practicable date prior to this |
| | announcement. |
+-----+------------------------------------------------------------------+
| - | Placing Shares will represent approximately 36.75 per cent. of |
| | the Company's enlarged |
| | issued ordinary share capital immediately following Admission. |
+-----+------------------------------------------------------------------+
Operational Highlights
BK11
+-----+------+------------------------------------------------------------+
| - | BK11 diamond value increased 11% to $135/carat since March 2009 |
+-----+-------------------------------------------------------------------+
| - | Final phase of evaluation focused on KWU area |
+-----+-------------------------------------------------------------------+
| | | Approximately 3 million tonnes at expected revenue of |
| | | $17-20/tonne |
+-----+------+------------------------------------------------------------+
| | | Operating costs of $6.50/tonne |
+-----+------+------------------------------------------------------------+
| | | Potential revenue of up to $30M per annum at expected |
| | | margins of 60-70% |
+-----+------+------------------------------------------------------------+
| - | Mine development planning continuing |
+-----+-------------------------------------------------------------------+
| | | Production plant being readied for transport from South |
| | | Africa |
+-----+------+------------------------------------------------------------+
| | | Production could commence in mid 2010 |
+-----+------+------------------------------------------------------------+
| | | Development costs of GBP4.6 million fully funded by |
| | | proceeds of Placing |
+-----+------+------------------------------------------------------------+
Jwaneng Tailings Project
+-----+------------------------------------------------------------------+
| - | Negotiations with Debswana on toll treatment agreement on |
| | schedule for contract to be signed in H2 2009 |
+-----+------------------------------------------------------------------+
| - | Plant design work under way and on schedule |
+-----+------------------------------------------------------------------+
| - | Project finance discussions progressing we |
+-----+------------------------------------------------------------------+
Philip Kenny, CEO of Firestone Diamonds, commented: "The Company has made
significant progress on BK11 since March and we continue to be encouraged by the
results of our work. We believe that we will be able to make a decision to
develop a new mining operation on BK11 following completion of the final phase
of evaluation work, with production commencing in mid 2010. We have also made
good progress with the Jwaneng Tailings Project, which provides an excellent
opportunity for the Company to further expand its operations in Botswana. We
are very pleased to have had such a positive response to our fundraising from
both existing and new investors. With the Company now fully financed to develop
and commission a mine at BK11, and with prices in the rough diamond market
continuing to recover from their lows in Q1 2009, we remain confident about
Firestone's prospects."
A circular containing a notice of General Meeting is expected to be posted to
Shareholders today. The General Meeting will be held at 11.00 a.m. on 24 July
2009 at the offices of Lawrence Graham LLP, 4 More London Riverside, London SE1
2AU.
Your attention is drawn to the end of this announcement, which sets out further
information in relation to the projects and the placing and the definitions
contained therein.
For further information, visit the Company's web site at
www.firestonediamonds.com, or contact:
+----------------------------------------+-------------------------------+
| Philip Kenny, Firestone Diamonds | +44 20 8834 1028/+44 7831 324 |
| | 645 |
+----------------------------------------+-------------------------------+
| Simon Edwards / Tim Redfern, Evolution | +44 20 7071 4330 / 4312 |
| Securities (Joint Broker) | |
| | |
+----------------------------------------+-------------------------------+
| Rory Scott, Mirabaud Securities (Joint | +44 20 7878 3360 |
| Broker) | |
| | |
+----------------------------------------+-------------------------------+
| Alexander Dewar, Brewin Dolphin | +44 131 529 0276 |
| (Nominated Adviser) | |
| | |
+----------------------------------------+-------------------------------+
| Jos Simson / Leesa Peters, Conduit PR | +44 20 7429 6603/+44 7899 870 |
| | 450 |
+----------------------------------------+-------------------------------+
Background information on Firestone Diamonds:
Firestone Diamonds plc ("FDI.L") is an international diamond mining and
exploration company with operations in Botswana and South Africa. 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.
Firestone is the largest holder of mineral rights in Botswana's diamondiferous
kimberlite fields, controlling over 29,000 square kilometres around the major
Orapa and Jwaneng mines and the entire Tsabong kimberlite field. Firestone has
95 kimberlites in its portfolio, of which 24 have been proven to be
diamondiferous. Sixteen of Firestone's kimberlites are at the bulk sampling
stage, of which BK11 is the most advanced.
Notes:
1. The information in this statement has been reviewed by Mr. Tim Wilkes, BSc,
Pr Sci Nat, who is a qualified person for the purposes of the AIM Guidance Note
for Mining, Oil and Gas Companies. Mr. Wilkes is Chief Operating Officer of
Firestone Diamonds plc and has over 27 years' experience in diamond exploration,
mineral resource management and mining. Mr. Wilkes is a member of the
sub-committee for diamonds of the South African Mineral Resource Committee
(SAMREC).
2. All grades and diamond values are based on a bottom cut off of 1mm.
3. The resource estimates in this statement have been compiled in accordance
with the SAMREC code.
This summary should be read in conjunction with, and is subject to, the full
text of the attached announcement.
DISCLAIMER
Brewin Dolphin Limited ("Brewin Dolphin") is acting as nominated adviser to the
Company for the purpose of the AIM Rules. Evolution Securities Limited and
Mirabaud Securities LLP, which are both authorised and regulated in the United
Kingdom by the Financial Services Authority, are acting exclusively for the
Company in relation to the Placing. Neither Evolution nor Mirabaud are acting
for any other person in connection with the matters referred to in this
announcement and they will not be responsible to anyone other than the Company
for providing the protections afforded to clients of Evolution and Mirabaud or
for giving advice in relation to the matters referred to in this announcement.
This announcement has been issued by the Company and is the sole responsibility
of the Company.
This announcement does not constitute a prospectus relating to the Company and
has not been approved by the UK Listing Authority, nor does it constitute or
form any part of any offer or invitation to purchase, sell or subscribe for, or
any solicitation of any such offer to purchase, sell or subscribe for, any
securities in the Company under any circumstances, and in any jurisdiction, in
which such offer or solicitation is unlawful. Accordingly, copies of this
announcement, including the appendix, are not being and must not be mailed or
otherwise distributed or sent in or into or from the United States, Canada,
Australia or Japan or any other jurisdiction if to do so would constitute a
violation of the relevant laws of, or require registration thereof in, such
jurisdiction or to, or for the account or benefit of, any United States,
Canadian, Australian or Japanese person and any person receiving this
announcement, (including, without limitation, custodians, nominees and trustees)
must not distribute or send it, in whole or in part, in or into or from the
United States, Canada, Australia or Japan.
BK11 Update
On 30 March 2009 the Company announced an Inferred Resource at BK11 of 12
million tonnes containing approximately 830,000 carats with an overall modelled
value of $123/carat. Evaluation and development work on BK11 has been
accelerated since then and considerable progress has been made.
Diamond valuation increased
Diamonds recovered from sampling on BK11 were valued in March 2009 by Johan
Erikson, an independent diamond valuator with 28 years' experience in diamond
valuation. With overall rough diamond prices having increased by about 15%
since then, the Company has undertaken an updated valuation of BK11 diamonds.
The same parcel of diamonds was revalued in June 2009 by Johan Erikson,
resulting in the raw value increasing 15% to $106 per carat.
The Company's diamond mineral resource consultants, Zstar Mineral Resource
Consultants ("Zstar"), have updated their modelling of the BK11 diamond
population grade and value of diamonds based on the June 2009 valuation. Overall
modelled diamond values have increased 11% to $135, with 90% upper and lower
confidence limits of US$236 and US$48 per carat, respectively. Diamond values in
the KW area, which is the area currently being targeted for development,
increased 10% to $144 per carat.
The updated Zstar modelling provides the following results:
+--------------------------+-----------------+
| KWU Zone (3 million | Modelled |
| tonnes) | results |
+--------------------------+-----------------+
| Grade (cpht) | 12 |
+--------------------------+-----------------+
| Diamond value ($ per | $144 |
| carat) | |
+--------------------------+-----------------+
| Revenue ($ per tonne) | $17 |
+--------------------------+-----------------+
+------------------------+-----------------+
| KW Area (7 million | Modelled |
| tonnes) | results |
+------------------------+-----------------+
| Grade (cpht) | 9 |
+------------------------+-----------------+
| Diamond value ($ per | $144 |
| carat) | |
+------------------------+-----------------+
| Revenue ($ per tonne) | $13 |
+------------------------+-----------------+
Based on the estimated operating costs at BK11 of $6.50/t, these results
increase the Company's confidence that BK11 will support a commercial mining
operation following the completion of the final phase of evaluation.
Final phase of evaluation under way
Significant progress has been made on the planned 20,000 tonne bulk sample
trench. Earth moving vehicles were transported from South Africa in early May
and are currently stripping overburden, following which mining of the kimberlite
sample will take place.
The 25 tonne per hour pilot production plant that will process the bulk sample
has been transported from South Africa and is currently being erected on site.
Processing of the sample is expected to commence in July 2009 and be completed
in H2 2009, following which independent valuation of the diamonds recovered and
modelling of grades and diamond values will be carried out. The Company expects
to be in a position to make a decision to commence mine development based on the
results of this work.
Mine development planning continuing
The Company is continuing with its plans to relocate the production plant and
infrastructure from the Company's Bonte Koe Mine in South Africa to BK11,
subject to results from trench sampling. Development costs are estimated to be
approximately GBP4.6 million and production could commence in mid 2010 with an
initial capacity of approximately 1.5 million tonnes per annum. An Environmental
Impact Statement has been completed and submitted to the Botswana Department of
Environmental Affairs and is expected to be approved shortly. Negotiations are
also under way with the Botswana Power Corporation for the construction of a 14
km long power line from Orapa to BK11.
Jwaneng Tailings Project Update
In February 2009, Firestone announced that it had been selected by Debswana
Diamond Company ("Debswana") as the preferred bidder to supply, construct and
operate a modular tailings treatment plant at the Jwaneng Mine in Botswana on a
toll treatment basis. Debswana is a joint venture between the Government of the
Republic of Botswana and De Beers and is the world's leading diamond producer by
value. Jwaneng is the largest diamond mine in the world by value and in 2008
produced approximately 13 million carats with an estimated value of $1.8
billion.
The Jwaneng plant is intended to serve as a pilot facility to demonstrate the
economics and capability of the modular plant concept on the Jwaneng tailings
resource, which is estimated to be in excess of 30 million tonnes. The plant is
being designed by ADP Projects, with whom Firestone has a strategic alliance to
jointly design, build and operate modular diamond tailings processing plants.
Detailed design work commenced in April 2009 and is currently on schedule.
Based on contract rates from the Company's previous toll treatment operations in
South Africa, the Directors anticipate that this project has the potential to
contribute approximately $150 million in toll treatment revenue for the
Company. The successful implementation of this project could potentially lead
to the deployment by Firestone of similar plants to exploit additional tailings
resources at Debswana's other mines at Orapa and Letlhakane. With the total
tailings resources at Debswana's mines estimated to be approximately 300 million
tonnes, the Directors estimate that they represent a very significant potential
toll treatment revenue opportunity for the Company.
Since February, Firestone and Debswana have established a joint steering
committee for the project to negotiate and agree detailed technical and
commercial provisions for the project. This work is proceeding towards the
agreed target of finalising and signing contracts in H2 2009.
Firestone intends to finance the project through a special purpose vehicle which
will arrange debt finance for the whole of the project against the contract with
Debswana. The estimated capital cost for the project is $40 million. Discussions
are progressing well with a number of interested lenders and investors, and the
Company expects to be in position to finalise these arrangements shortly after
the Debswana contract is signed.
BK16 Update
In June 2008, the Company entered into an agreement under which it can earn an
87.5% interest in the BK16 kimberlite, which is located 20 kilometres from BK11.
The Company believes that BK16 has similar economic potential to BK11. BK16 was
discovered by De Beers in the 1970's and a grade of 15 cpht was reported from
bulk sampling. Diamonds recovered by the limited historical sampling carried out
were predominantly high quality, white gemstones, which indicates that they are
likely to have a high average value, possibly similar to BK11. Based on a review
of drilling and geophysical surveys undertaken on BK16, Company estimates
indicate that it contains approximately 17 million tonnes of kimberlite to a
depth of 200 metres. The Company intends to carry out an initial phase of
evaluation and resource development work on BK16. This work will comprise large
diameter drill bulk sampling in order to provide an estimate of grade and
diamond value.
South Africa Update
With the Company's operations now focused exclusively on Botswana, the Company
is reviewing the prospects for its South African assets. These assets are
considered by the Company to be non-core and were placed on care and maintenance
in December 2007 (as announced at that time). The Company has since then been
seeking to either sell or joint venture the assets. As a result of the ongoing
review of the carrying value of these assets, it is possible that the Company
will be required to make further impairment charges over and above the total
charges made to date of approximately GBP4.8 million.
Placing of New Ordinary Shares
The Company today announces that it has raised approximately GBP7.2 million
(gross) by way of a placing of 35,873,480 New Ordinary Shares at a price of
20 pence per share. The net proceeds of the Placing will be used to develop and
commission a mine at BK11, subject to the results of the final phase of
evaluation on BK11, which is currently under way, to undertake evaluation and
resource development work at BK16, and to provide general working capital for
the Company. The Placing, which has been arranged by Evolution and Mirabaud, is
conditional upon, inter alia, Shareholder approval and Admission.
The funds raised (net of expenses) of approximately GBP6.8 million are planned
to be used for the following purposes:
BK11 - GBP5.0 million
Since the Company announced an Inferred Resource of 12 million tonnes at BK11 on
30 March 2009, work has been accelerated in order to complete the final phase of
evaluation on the project. A 20,000 tonne bulk sample is currently being
excavated and will be processed using a pilot plant that has been transported
from the Company's Avontuur Mine in South Africa. A mine development decision is
expected to be made during H2 2009 subject to the results of this work. The
Company plans to use the production plant from its Bonte Koe Mine in South
Africa at BK11 and estimates that it will cost GBP5 million to modify and erect
this plant, establish power, water and other required site infrastructure and
complete commissioning. This work is expected to take approximately nine months
from the date of the development decision.
BK16 - GBP0.5 million
The Company intends to carry out an initial phase of evaluation and resource
development work on BK16. This work will comprise large diameter drill bulk
sampling in order to provide an estimate of grade and diamond value, at an
estimated cost of GBP0.5 million.
General Working Capital and other purposes - GBP1.3 million
The balance of funds raised, net of expenses, being GBP1.3 million, will be used
for general working capital and other purposes.
Details of the placing
The Placing Agreement
Pursuant to the terms of the Placing Agreement, Evolution and Mirabaud
have conditionally agreed to use their reasonable endeavours, as agents for the
Company, to place the Placing Shares at the Placing Price with certain
institutional and other investors. The Placing Agreement is conditional
upon, inter alia, Shareholder approval and Admission becoming effective on or
before 8.00 a.m. on 27 July 2009 (or such later time and/or date as the Company,
Evolution and Mirabaud may agree, but in any event by no later than 8.00 a.m. on
31 August 2009).
The Placing Agreement contains warranties from the Company in favour of
Evolution and Mirabaud in relation to, inter alia, the accuracy of the
information contained in the announcement and certain other matters relating to
the Group and its business. In addition, the Company has agreed to indemnify
Evolution and Mirabaud in relation to certain liabilities it may incur in
respect of the Placing. Evolution and Mirabaud have the right to terminate the
Placing Agreement in certain circumstances prior to Admission, in particular,
for force majeure or in the event of a material breach of the warranties set out
in the Placing Agreement.
Admission and dealings
Application has been made to the London Stock Exchange for the Placing Shares to
be admitted to trading on AIM. It is expected that such Admission will become
effective and that dealings will commence on 27 July 2009.
The Placing Shares will, when issued, rank pari passu in all respects with the
existing Ordinary Shares, including the right to receive dividends and other
distributions declared following Admission. It is expected that CREST accounts
will be credited on the day of Admission and that share certificates (where
applicable) will be dispatched by first class post by or on 30 July 2009.
General Meeting
A General Meeting is to be held on 24 July 2009 at the offices of Lawrence
Graham LLP at 4 More London Riverside, London SE1 2AU, at 11.00 a.m., at which
the following Resolutions will be proposed for the purposes of implementing the
Proposed Placing:
Specific authorities
Following the passing of resolutions 5 and 6 at the Company's annual general
meeting held on 29 January 2009 (the "AGM") the Directors were empowered to
disapply pre-emption rights in relation to 30,000,000 Ordinary Shares. However,
this authority alone is insufficient to issue the Placing Shares. Accordingly,
the Directors are seeking additional authority pursuant to Resolution 1 in the
Notice of General Meeting to disapply pre-emption rights in respect of a further
5,873,480 Ordinary Shares so as to complete the Placing.
In the opinion of the Directors and assuming the completion of the Placing, the
working capital available to the Company is sufficient for the Company's present
requirements, that is for at least 12 months following Admission. However, in
the event that Shareholders do not approve Resolution 1, the Placing will not
proceed and the Board will need to consider alternative sources of funding,
which may or may not be forthcoming.
General Share Issuance Authorities
Following the issue of the Placing Shares the Directors will have exhausted
nearly all of their authority granted at the AGM to allot Ordinary Shares and
will not have any general authority to disapply pre-emption rights. Accordingly,
the Directors are also seeking renewal of, and an increase in, their general
authorities to issue Ordinary Shares and/or other securities and disapply
pre-emption rights.
Resolutions 2 and 3 contained in the Notice of General Meeting are in similar
form to the resolutions passed by Shareholders at the AGM, but the value of the
nominal amounts of Ordinary Shares to be available for issue has been increased
to take account of the increase in the total issued share capital of the Company
following the Placing.
Resolution 2 will be proposed as an ordinary resolution to authorise the
Directors pursuant to section 80 of the Act to allot relevant securities
generally up to an aggregate nominal value of GBP6,507,045 which represents
approximately one third of the number of Ordinary Shares in issue following the
Placing. This authority will expire at the next annual general meeting to be
held in 2010 or 15 months after the passing of the resolution, whichever is the
earlier.
Resolution 3 will be proposed as a special resolution to empower the Directors
pursuant to section 95 of the Act to allot equity securities for cash otherwise
than on a pro rata basis: (i) where a pro rata offer has effectively been made,
but subject to exclusions or arrangements to avoid logistical, regulatory or
legal issues; and (ii) generally up to an aggregate nominal value of
GBP1,952,114 which represents approximately 10 per cent. of the number of
Ordinary Shares in issue immediately following the Placing. This authority will
expire on the earlier of 15 months after the passing of the resolution or on the
conclusion of the Annual General Meeting of the Company to be held in 2010.
PLACING STATISTICS
+--------------------------------------------------------------+---------------+
| Placing Price | 20 pence |
+--------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------+---------------+
| Number of existing Ordinary Shares | 61,732,194 |
+--------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------+---------------+
| Number of Placing Shares being placed on behalf of the | 35,873,480 |
| Company | |
+--------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------+---------------+
| Estimated net proceeds receivable by the Company | GBP6.8 |
| | million |
+--------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------+---------------+
| Number of Ordinary Shares in issue following Admission | 97,605,674 |
+--------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------+---------------+
| Number of Placing Shares as a percentage of the enlarged | 36.75 per |
| issued ordinary share capital following Admission | cent. |
+--------------------------------------------------------------+---------------+
| | |
+--------------------------------------------------------------+---------------+
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
+----------------------------------------------------+-------------------------+
| Latest time and date for receipt of Forms of Proxy | 11.00 a.m. on 22 July |
| | 2009 |
+----------------------------------------------------+-------------------------+
| | |
+----------------------------------------------------+-------------------------+
| General Meeting | 11.00 a.m. on 24 July |
| | 2009 |
+----------------------------------------------------+-------------------------+
| | |
+----------------------------------------------------+-------------------------+
| Admission and dealings in the Placing Shares | 8.00 a.m. on 27 July |
| expected to commence | 2009 |
+----------------------------------------------------+-------------------------+
| | |
+----------------------------------------------------+-------------------------+
| Expected date for CREST stock accounts to be | 27 July 2009 |
| credited for Placing Shares in uncertificated form | |
+----------------------------------------------------+-------------------------+
| | |
+----------------------------------------------------+-------------------------+
| Posting of share certificates for Placing Shares | 30 July 2009 |
| on or by | |
+----------------------------------------------------+-------------------------+
| | |
+----------------------------------------------------+-------------------------+
DEFINITIONS
The following definitions apply throughout this announcement, unless the context
requires otherwise.
+-------------------------------+----------------------------------------+
| "Admission" | admission of the Placing Shares to AIM |
| | |
+-------------------------------+----------------------------------------+
| "AIM" | a market of that name operated by |
| | London Stock Exchange |
| | |
+-------------------------------+----------------------------------------+
| "Board" or "Directors" | the board of directors of the Company |
| | |
+-------------------------------+----------------------------------------+
| "Circular" | the circular to Shareholders dated 8 |
| | July 2009 incorporating the Notice of |
| | General Meeting |
| | |
+-------------------------------+----------------------------------------+
| "Company" or "Firestone" | Firestone Diamonds plc |
| | |
+-------------------------------+----------------------------------------+
| "Evolution" | Evolution Securities Limited |
| | |
+-------------------------------+----------------------------------------+
| "General Meeting" | the general meeting of the Company |
| | convened for 11.00 a.m. on 24 July |
| | 2009 by the notice set out in the |
| | Circular (and any adjournment thereof) |
| | |
+-------------------------------+----------------------------------------+
| "Joint Brokers" | Evolution and Mirabaud |
| | |
+-------------------------------+----------------------------------------+
| "London Stock Exchange" | London Stock Exchange plc |
| | |
+-------------------------------+----------------------------------------+
| "Mirabaud" | Mirabaud Securities LLP |
| | |
+-------------------------------+----------------------------------------+
| "Notice of General Meeting" | the notice of General Meeting, set out |
| | in the Circular |
| | |
+-------------------------------+----------------------------------------+
| "Ordinary Shares" | ordinary shares of 20 pence each in |
| | the capital of the Company |
| | |
+-------------------------------+----------------------------------------+
| "Placing" | the placing of the Placing Shares |
| | pursuant to the terms of the Placing |
| | Agreement |
| | |
+-------------------------------+----------------------------------------+
| "Placing Agreement" | the conditional agreement dated 8 July |
| | 2009 relating to the Placing, between |
| | the Company and the Joint Brokers |
| | |
+-------------------------------+----------------------------------------+
| "Placing Price" | 20 pence per new Ordinary Share |
| | |
+-------------------------------+----------------------------------------+
| "Placing Shares" | the 35,873,480 new Ordinary Shares to |
| | be issued pursuant to the Placing |
| | |
+-------------------------------+----------------------------------------+
| "Resolutions" | the resolutions set out in the Notice |
| | of General Meeting |
| | |
+-------------------------------+----------------------------------------+
| "Shareholders" | the persons who are registered as the |
| | holders of Ordinary Shares |
| | |
+-------------------------------+----------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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