Listing of Stellar Diamonds on London's AIM and GBP 5,000,000 Financing
March 08 2010 - 11:51AM
Marketwired
SearchGold Resources Inc. ("SearchGold") (TSX VENTURE:
RSG)(FRANKFURT: S1O) is pleased to announce the admission of
Stellar Diamonds Limited ("Stellar") to the AIM market of the
London Stock Exchange ("AIM").
Stellar has 96,581,432 outstanding shares, a market
capitalisation of approximately GBP 19 million, and its shares have
started trading on AIM under the symbol "STEL" on February 22nd
2010. In addition to the listing, Stellar raised GBP 5,000,000 with
RBC Capital Markets, Stellar's nominated adviser and broker.
Following the listing transaction and financing, SearchGold
holds a 2.8% interest in Stellar. SearchGold has 2,672,629 Stellar
shares, which, at a share price of GBP 0.1825, represents a value
of GBP 488,000, or CAD$ 756,000 at an exchange rate of GBP 1 = CAD$
1.55.
Philippe Giaro, President and CEO, commented on Stellar's
listing: "We are very pleased with this latest development which
marks a significant milestone. The new liquidity and visibility
provided by the AIM listing, the additional cash of GBP 5,000,000
and the technical and logistical synergies achieved with the
acquisition of the Bomboko diamond project in Guinea, provide
Stellar with the potential to become a leading diamond producer and
explorer in Africa. This recent listing also further underlines
SearchGold's strategy to advance numerous assets through satellite
corporate structures while retaining a specific focus for internal
development, thereby optimizing its shareholder's exposure to a
maximum number of high potential situations."
About Stellar Diamonds Limited (www.stellar-diamonds.com)
Stellar Diamonds plc is a newly listed diamond production and
development company that was formed from the merger of Stellar
Diamonds Limited and West African Diamonds plc. Stellar has a
portfolio of projects in West Africa. Two projects in Guinea are in
production, Mandala and Bomboko, which provide robust cash flow. At
the time of the merger, Mandala had produced over 53,000 carats and
Bomboko had produced over 2,000 carats, with both projects
currently undergoing expansion programmes. 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 with
Joint Venture partner Petra Diamonds. 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
500cpht and 200cpht respectively.
About SearchGold Resources Inc. (www.searchgold.ca)
SearchGold Resources is a Canadian-based mining company
primarily focussed on gold deposits in Africa with advanced gold
projects in Gabon and Burkina Faso. SearchGold and partner Swala
Resources plc recently completed a 114-hole RAB / RC drilling
program, totaling 4,400 m on the Arae-Gassel property in Burkina
Faso. Shares of SearchGold Resources Inc. are listed for trading on
the TSX Venture Exchange as "RSG"; and the Frankfurt Stock Exchange
as "S1O".
Philippe Giaro, P. Geo., President and CEO of SearchGold
Resources Inc. and Qualified Person for SearchGold, has reviewed
and approved the content of this release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: SearchGold Resources Inc. Philippe Giaro President
& CEO 32-473-52-30-29 phgiaro@skynet.be SearchGold Resources
Inc. Denis Tremblay Vice-President 1-514-866-4224
info@searchgold.ca www.searchgold.ca
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