During a General Meeting of West African Diamonds, all resolutions to effect the acquisition of Stellar and associated fundraising of £5 million (gross) were passed, conditional only on Admission.
WAD will also change its name to Stellar Diamonds plc as from Admission. Existing WAD shares will be consolidated on a 5:1 basis.
A new board of directors has been appointed, and John Teeling, James Finn, Paul Nel and Alex van Zyl will resign, as of 22nd February 2010. James Campbell remains on the board.
Stellar will have the following activities:
- Two producing alluvial diamond mines in Guinea, Bomboko and Mandala
- Four kimberlite projects at various stages of development. Tongo and Kono in Sierra Leone, and Droujba and Bouro in Guinea
- A strong balance sheet
John Teeling, Chairman, who is stepping down, commented: “I wish the new board and management every success. They have a good platform on which to build a serious African based diamond mining company. There is further potential in the two producing mines, while the four kimberlite prospects are exciting. Diamond prices have shown a rapid recovery, which will help cash flow. This, plus the £5 million cash raised, will offer opportunities for organic and acquisitive growth”.Existing shares in WAD will be cancelled from admission to trading on AIM with effect from 8.00 a.m. Monday, 22nd February 2010.
Related posts:
- West African Diamonds and Stellar Diamonds Combined Venture To be Relisted in Coming Months
- Agreement Reached Over Merger Between Stellar Diamonds and West African Diamonds
- West African Diamonds In Joint Venture with Thunderball Limited to Explore Pipe 3 in Koidu, Sierra Leone
- Stellar Diamonds Lists on London’s AIM and Raises GBP5,000,000
- Court Approves Lucara Acquisition of African Diamonds and Demerger of Botswana Diamonds
