NAD Namakwa DI.

TIDMNAD

RNS Number : 2747G

Namakwa Diamonds Limited

27 June 2012

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

27 June 2012

Namakwa Diamonds Limited (LSE: NAD)

Result of Open Offer

On 6 June 2012 Namakwa Diamonds Limited ("Namakwa" or the "Company") announced a refinancing by way of a pre-emptive Open Offer, to raise approximately US$55m through the issue of 794,629,171 New Shares at a subscription price of 4.5 pence per New Share. Details of the Open Offer and a notice to convene a Special General Meeting to approve the Open Offer were set out in the Prospectus posted to Shareholders on 6 June 2012 (the "Prospectus"); other defined terms in this announcement are as defined in the Prospectus.

The Open Offer closed at 11.00 a.m. today. Namakwa is pleased to announce that valid applications under the Open Offer have been received from Qualifying Shareholders and Qualifying DI Holders for 989,457,791 New Shares and accordingly the Open Offer was oversubscribed by approximately 24.5%. Excess applications will be scaled back pro rata to existing shareholdings as at the Record Date. Consequently, the maximum number of 794,629,171 New Shares will be issued under the Open Offer.

Completion of all elements of the Open Offer is conditional upon, amongst other things, the approval by Shareholders of the Open Offer Resolutions at the Special General Meeting of the Company to be held later today at 4.00 p.m. (UK) and upon admission of the New Shares to the Official List and to trading on the Main Market. Admission is expected to occur and dealings in the New Shares are expected to commence on the London Stock Exchange at 8.00 a.m. on 28 June 2012.

Thereafter, Namakwa will have a total of 1,099,237,020 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury and, therefore, the above figure may be used by Shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

The New Shares will, when issued and fully paid, rank pari passu in all respects with the Existing Shares.

DIs representing the New Shares (in uncertificated form) are expected to be credited to CREST accounts on or around 8.00 a.m. on 28 June 2012 and definitive DI and share certificates for the New Shares are expected to be despatched to Qualifying DI holders and Qualifying Shareholders by 12 July 2012.

The New Shares, when issued and fully paid, will rank pari passu with the Existing Shares in all respects.

For further information please visit www.namakwadiamonds.com or contact:

 
 Namakwa Diamonds                        Tavistock Communications 
 Richard Collocott    +27 11 334 8886    Simon Hudson    +44 20 7920 3150 
                      +44 7974 453 
 Ryan Barrow           954               Simon Compton   +44 20 7920 3150 
 
 Shore Capital 
 Pascal Keane         +44 20 7468 4090 
 Anita Ghanekar       +44 20 7468 4090 
 Edward Mansfield     +44 20 7468 4090 
 

Notes to Editors:

About Namakwa Diamonds Limited

Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production.

The Group's mining activities are focused on the Kao Mine in Lesotho. Operated by Storm Mountain Diamonds and its leading hard-rock mining team, with a proven track record in the construction and development of Lesotho's leading kimberlite pipes, the Kao Mine presents a 189Mt kimberlite resource of c.12.8m carats (c.4m indicated and c.8.8m inferred), with an additional 1.7m carats at a deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho 25% and Kimberlite Investments Lesotho Limited 12.5%.

The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development properties in the Northern Cape Province of South Africa and the offshore marine environment of Namibia.

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

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