AGM Statement (5272Y)

TIDMFDI

RNS Number : 5272Y

Firestone Diamonds PLC

23 December 2010

Firestone Diamonds plc

Results of Annual General Meeting

LONDON: 23 December, 2010

Firestone Diamonds plc ("Firestone" or "the Company"), the AIM-quoted diamond mining and exploration company (ticker: AIM:FDI), announces that at the annual general meeting of the Company (the "AGM") held earlier today, all resolutions were duly passed.

Completion of placing

On 3 December 2010 Firestone announced that it had placed 52,000,000 new ordinary shares of 20 pence each ("Ordinary Shares") in the Company (the "Placing Shares") at a price of 25 pence per Placing Share to raise GBP13 million before expenses (the "Placing").

Of the Placing Shares, 27,215,000 Ordinary Shares (the "First Placing Shares") were allotted and admitted to trading on AIM on 9 December 2010. The balance of the Placing Shares, comprising 24,785,000 Ordinary Shares (the "Second Placing Shares"), were placed conditional, inter alia, on the Company securing approval from its shareholders at the AGM for resolutions relating to the general allotment of securities and disapplication of pre-emption rights (the "Resolutions"), and upon the Second Placing Shares being admitted to trading on AIM. Following the passing of the Resolutions, it is expected that admission of the Second Placing Shares to AIM will become effective on at 8.00 am on Friday 24 December 2010 ("Admission").

The Second Placing Shares will represent approximately 9 per cent. of the Company's enlarged issued share capital immediately following Admission. Following Admission the total issued ordinary share capital of the Company will be 320,743,291 Ordinary Shares, all of which have voting rights.

Resignation of directors

As stated in the announcement of 24 November 2010, Mr James F Kenny and Mr Hugh Jenner-Clarke have resigned as directors of the Company. Mr Kenny and Mr Jenner-Clarke have both been directors since the Company listed on AIM in 1998 and the Board would like to record its appreciation for their significant commitment and contribution to the Company's development. A number of potential non-executive director candidates have been identified to replace them and the Company expects to be able to announce new appointments in due course. Mr Michael Hampton will act as Chairman on an interim basis until a replacement has been selected.

For further information, visit the Company's web site at www.firestonediamonds.com or contact:

 
                                         +44 20 8834 1028/+44 7831 
 Philip Kenny, Firestone Diamonds         324 645 
 Rob Collins / Tim Redfern, Evolution 
  Securities (Joint Broker)              +44 20 7071 4300 / 4312 
 Rory Scott, Mirabaud Securities 
  (Joint Broker)                         +44 20 7878 3360 
 Alexander Dewar, Brewin Dolphin 
  (Nominated Adviser)                    +44 131 529 0276 
 Jos Simson / Leesa Peters, Conduit      +44 20 7429 6603/+44 7899 
  PR                                      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 operates the Liqhobong Mine in Lesotho and the BK11 Mine in Botswana. Firestone 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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