TIDMNAD
RNS Number : 7693G
AIM
03 July 2012
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION
IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM
RULES")
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COMPANY NAME:
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Namakwa Diamonds Limited (the "Company" or "Namakwa")
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
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Registered Office:
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
Head Office:
209 SA Diamond Centre
225 Main Street
Johannesburg 2001
Private Bag x15
Doornfontein 2028
Republic of South Africa
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COUNTRY OF INCORPORATION:
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Bermuda (with registered number 39031)
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
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www.namakwadiamonds.com
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR,
IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING
POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE
TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
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The Company is a diamond resource group, which seeks to extract
maximum value from the mining and sale of group production.
The Group's mining activities are focused on the Kao Mine in
Lesotho, which is expected to become the largest producer of
diamonds in Lesotho within the next 12 months. Operated by
Storm Mountain Diamonds (Pty) Limited ("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.12.8 million carats (c.4 million indicated and
c.8.8 million inferred), with an additional 1.7 million carats
at a deposit level of confidence, in which Namakwa holds a
62.5% interest. 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.
Competent Persons' Reports compiled by Venmyn Rand were produced
for the Group on admission to the Offical List and the Main
Market of the London Stock Exchange in December 2007 and again,
as at 28 February 2010.
As at 31 August 2008, 2009, 2010, and 2011 Venmyn Rand also
produced Global Resource Statements and Technical Updates on
each of the Company's active mining areas in accordance with
SAMREC compliant procedures. The Global Resources Statements
are published in Namakwa Diamonds' annual report and the Technical
Updates are made available on Namakwa's website.
The most up to date Global Resource Statement is included in
the prospectus published on 6 June 2012.
Venmyn Rand will again produce a SAMREC compliant Global Resource
Statement and Technical Updates for Namakwa Diamonds' active
operations in South Africa and Lesotho, as at 31 August 2012,
for publication later this year. Dormant resource areas in
South Africa and Namibia are not covered in the Technical Updates
but are covered in the Competent Persons' Reports and the Global
Resource Statements that are produced for the Company.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS
AS TO TRANSFER OF THE SECURITIES (i.e. where known, number
and type of shares, nominal value and issue price to which
it seeks admission and the number and type to be held as treasury
shares):
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As at date of notification the Company has 1,099,237,020 ordinary
shares with nominal value of US$0.000625 each ("Ordinary Shares")
that will be admitted to AIM.
No shares held in Treasury.
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED
MARKET CAPITALISATION ON ADMISSION:
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No capital to be raised on Admission.
Expected Market Capitalisation on Admission approximately GBP48
million
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
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Approximately 79.1%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH
THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES
(INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:
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N/A
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS
(underlining the first name by which each is known or including
any other name by which each is known):
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Directors
Melissa Sturgess - Non-Executive Chairman
Theodoros Botoulas - Chief Executive Officer
Marthinus Mulder - Independent Non-Executive Director
Robert Reid - Independent Non-Executive Director
Vladimir Kravets - Non-Executive Director
Gerard Holden - Non-Executive Director
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED
AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER
ADMISSION (underlining the first name by which each is known
or including any other name by which each is known):
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On Admission
Percentage of issued share
capital
Name Number of Ordinary Shares
held
Jarvirne 697,899,832 63.49
Societe Generale Bank & 88,177,348 8.02
Trust Luxembourg
84,566,400
7.69
Visum Investments Limited
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (H) OF THE AIM RULES:
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Jarvirne Limited ("Jarvirne")
US$40 million Jarvirne Facility
On 7 September 2011, Jarvirne and Namakwa entered into a two
year, secured term facility, pursuant to which Jarvirne agreed
to lend US$40 million in five or more tranches to Namakwa (the
"Jarvirne Facility"). The term of the loan was two years and
was secured by: (i) an inter-company loan assignment; and (ii)
a share charge over the 62.5% equity interest of Namakwa in
the issued share capital of Storm Mountain Diamonds. The purpose
of the loan was for: (i) Namakwa's general corporate purposes
(30%); and (ii) to on-lend to Storm Mountain Diamonds to finance
the Kao Mine (70%). In lieu of interest accruing on the loan
in the first year, 9,000,000 Ordinary Shares were issued to
Jarvirne on 20 September 2011, after the first drawdown of
US$5 million under the Jarvirne Facility. The value of these
Ordinary Shares equated with cash interest which would otherwise
have been payable by Namakwa in the first year of the loan
(as if it had been fully reorganised). Jarvirne retained 9,000,000
Ordinary Shares. No further amounts of interest were payable
on drawn down amounts of principal under the Jarvirne Facility.
As at 6 June 2012, total drawdowns under the Jarvirne Facility
were US$35.2 million. On 28 June 2012 the drawn down amount
under the Jarvirne Facility was repaid in full following completion
of the open offer.
US$ 19.5 million Settlement Agreement
On 7 September 2011, Namakwa entered into a settlement agreement
("Settlement Agreement") with Jarvirne in relation to all trading
debts payable under a trading agreement between Jarvirne and
Namakwa (the "Trading Agreement"). The Settlement Agreement
was amended by Namakwa and Jarvirne on 2 November 2011 (pursuant
to a waiver and amendment letter). Under the Settlement Agreement
(as amended), it was agreed that the settlement amount would
be capitalised by Namakwa in consideration for the issue and
allotment of 77,971,667 Ordinary Shares to Jarvirne (being
11,000,000 Ordinary Shares at a deemed price of 19.5 pence
per share (on the basis of an exchange rate of GBP1:US$1.62)
and 66,791,667 Ordinary Shares at a deemed price of 15 pence
per share (on the basis of an exchange rate of GBP1:US$1.62))
(the "Settlement Amount"). The Settlement Amount represented
a capital amount of US$17 million (being aggregated cash advances
from Jarvirne to Namakwa for the trading of rough and polished
diamonds) and an amount equal to US$2.5 million in lieu of
deemed unrealised profits, which were determined to have accrued
in favour of Jarvirne under the Trading Agreement.
Under the Settlement Agreement, it was agreed that the Settlement
Amount would be capitalised by Namakwa in exchange for the
issue by Namakwa of Ordinary Shares to Jarvirne in two stages.
The first stage occurred on 20 September 2011, resulting in
the issue and allotment of 11,000,000 Ordinary Shares in the
capital of Namakwa to Jarvirne (and the admission of those
shares to trading on the London Stock Exchange on 21 September
2011), in consideration for the acquisition by Namakwa of the
entire issued share capital of a wholly owned subsidiary of
Jarvirne, Polished Diamonds Africa Trading Limited ("PDATL"),
to which Jarvirne had assigned US$3.47 million of the Settlement
Amount. PDATL owns no other assets, and has no liabilities.
This transaction reduced the Settlement Amount to the Outstanding
Settlement Amount of US$16.03 million. The second stage involved
the issue and allotment of 66,791,667 Ordinary Shares to Jarvirne
(and the admission of those shares to trading on the London
Stock Exchange) effectively in settlement of the Outstanding
Settlement Amount, being US$16.03 million (and the admission
of those shares to trading on the London Stock Exchange on
28 November 2011).
Sputnik Faciltiy
On 10 April 2012, Sputnick and Namakwa entered into a short-term,
unsecured bridge facility, pursuant to which Sputnick agreed
to lend US$10 million in up to six tranches to Namakwa (the
"Sputnick Facility"). The loan was for application towards
Namakwa's general corporate purposes, save that it could not
be applied in repayment or prepayment of another loan. Namakwa
was required to repay the loan on the earlier of 30 June 2012
and the date on which Namakwa receives the proceeds of an equity
fund raising transaction of up to US$55 million. All of the
interest that accrued on the loan prior to the repayment date
was payable on that date at a rate of 15% per annum. The Sputnick
Facility was repaid in full on 28 June 2012 following completion
of the open offer.
Liberum Capital
On 2 November 2011, Namakwa entered into an agreement with
Liberum Capital, whereby Liberum Capital agreed to act as Namakwa's
sponsor for the purposes of the Listing Rules in relation to
the capitalisation of the trading debt by Namakwa to Jarvirne
(the "Capitalisation"). Liberum Capital's continuing obligations
under the agreement were conditional on Namakwa, among other
things, obtaining formal approval of the prospectus pursuant
to the Capitalisation by the FSA, ensuring that such prospectus
was filed and published in accordance with the Prospectus Rules,
the passing of certain resolutions at a special general meeting
of the Company and admission of the shares issued pursuant
to the Capitalisation becoming effective at or before 7.00
a.m. on 28 November 2011.
In consideration of Liberum Capital's services under this agreement,
Namakwa agreed to pay to Liberum Capital: (i) on the passing
of the resolutions at the special general meeting, a corporate
finance and broking fee of US$900,000, payable in cash immediately
upon the approval of such resolutions; (ii) subject to and
conditional upon admission of the shares issued pursuant to
the Capitalisation, a sponsor's fee of US$400,000 and a success
fee of US$300,000, both payable in cash immediately upon such
admission; and (iii) a corporate finance fee of US$200,000,
payable in cash on the date of publication of the prospectus
issued pursuant to the Capitalisation containing a related
party transaction fair and reasonable opinion from Liberum
Capital.
Dantov Strategic Consulting Limited
On 23 August 2010, Namakwa entered into an agreement with Dantov
Strategic Consulting Limited
("Dantov") whereby Dantov agreed to manage the relationship
between Namakwa and Mr. Eduard Prutnik for the purpose of Mr.
Prutnik, or any corporate vehicle controlled by Mr. Prutnik,
making an investment by way of a private placement of equity
or debt securities in Namakwa or any member of the Group. On
the completion of any such investment, Namakwa agreed to pay
Dantov Strategic Consulting Limited a commission determined
in the agreement by the amount of the investment. Commission
was not due where an investment was made pursuant: (i) to a
publicly announced secondary offering by Namakwa; or (ii) by
Mr. Prutnik or a corporate vehicle controlled by Mr. Prutnik
acquiring Namakwa securities from a third party or on a securities
exchange.
Namakwa and Dantov were entitled to terminate the agreement
upon 30 days' prior written notice to the other party. Upon
termination, Namakwa's obligation to pay the commission would
continue to remain in force for any investment made before
the termination. The agreement was terminated by Namakwa with
effect from 17 September 2011 (by way of notice to Dantov on
18 August 2011). On 10 October 2011, Namakwa and Dantov entered
into a settlement agreement in respect of the termination of
all rights and claims of either party under the original agreement,
pursuant to which Namakwa agreed to pay Dantov a settlement
amount of US$450,000 over a 4 month period. Such amount has
been fully paid by Namakwa.
RYY Futures Limited
On 3 August 2010, Namakwa entered into an agreement with RYY
Futures Limited ("RYY") whereby RYY agreed to manage the relationship
between Namakwa and Mr. Eduard Prutnik for the purpose of Mr.
Prutnik, or any corporate vehicle controlled by Mr. Prutnik,
making an investment by way of a private placement of equity
or debt securities in Namakwa or any member of the Group. On
the completion of any such investment, Namakwa agreed to pay
RYY a commission determined in the agreement by the amount
of the investment.
Namakwa and RYY were entitled to terminate the agreement upon
30 days' prior written notice to the other party. Upon termination,
Namakwa's obligation to pay the commission would continue to
remain in force for any investment made before the termination.
The agreement was terminated by Namakwa with effect from 17
September 2011 (by way of notice to RYY on 18 August 2011).
On 10 October 2011, Namakwa and RYY entered into a settlement
agreement in respect of the termination of all rights and claims
of either party under the original agreement, pursuant to which
Namakwa agreed to pay RYY a settlement amount of US$450,000
over a 4 month period. Such amount has been fully paid by Namakwa.
Shore Capital
On 6 June 2012, Namakwa entered into an agreement with Shore
Capital, whereby Shore Capital agreed to act as Namakwa's sponsor
for the purposes of the Listing Rules in relation to an open
offer of up to 794,629,171 new shares at a price of 4.5 pence
per new share launched on 6 June 2012.
Shore Capital's continuing obligations under the agreement
were conditional on Namakwa, among other things, obtaining
formal approval of the prospectus by the FSA, ensuring that
the prospectus was filed and published in accordance with the
Prospectus Rules, and Admission becoming effective at or before
8.00 a.m. on 28 June 2012. Namakwa was obliged to use all reasonable
endeavours to procure Admission by 8.00 a.m. on 28 June 2012.
In consideration of Shore Capital's services under this agreement,
Namakwa agreed to pay to Shore Capital the following amounts
in cash on and subject to Admission: (i) a fee of GBP300,000;
(ii) subject to the Board's discretion, a bonus fee of GBP25,000;
and (iii) a fee of GBP10,000 for the period to 10 July 2012
and a fee of GBP20,000 for each month after 10 July 2012 to
the extent that Admission has not occurred by such date.
Details relating to the above can be found in the prospectus
published by the Company on 6 June 2012 and available on the
Company's website at www.namakwadiamonds.com
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION
DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
PURSUANT TO AIM RULES 18 AND 19:
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i) 31 August
ii) N/A
iii) As follows:
a. Year ending 31 August 2012 by 28 February 2013;
b. 6 months ended 28 February 2013 by 31 May 2013; and
c. Year ending 31 August 2013 by 28 February 2014.
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EXPECTED ADMISSION DATE:
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On 1 August 2012
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Shore Capital and Corporate Limited
Bond Street House
14 Clifford Street
London W1S 3TW
United Kingdom
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NAME AND ADDRESS OF BROKER:
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Shore Capital Stockbrokers Ltd
Bond Street House
14 Clifford Street
London W1S 4JU
United Kingdom
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE
(POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE
AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
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N/A
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DATE OF NOTIFICATION:
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3 July 2012
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NEW/ UPDATE:
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NEW
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QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING:
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THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH THE APPLICANT'S
SECURITIES HAVE BEEN TRADED:
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Premium Segment of the Main Market of the Official List
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THE DATE FROM WHICH THE APPLICANT'S SECURITIES HAVE BEEN SO
TRADED:
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19 December 2007
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CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL ENQUIRY, THE APPLICANT
HAS ADHERED TO ANY LEGAL AND REGULATORY REQUIREMENTS INVOLVED
IN HAVING ITS SECURITIES TRADED UPON SUCH A MARKET OR DETAILS
OF WHERE THERE HAS BEEN ANY BREACH:
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The Directors of the Company confirm following due and careful
enquiry, that as at the date of this announcement and subject
to below, the Company has adhered to all legal and regulatory
requirements involved in having their securities traded on
the premium segment of the Main Market of the Official List.
Following the closing of the open offer on 27 June 2012 and
post admission of those Ordinary Shares to the main market
on 28 June 2012, the Company could no longer comply with the
requirement under Listing Rule 9.2.15 to have 25% free float.
As a consequence it sought to delist from the Premium Segment
of the Main Market of the Official List.
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AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS OR ANNOUNCEMENTS
WHICH THE APPLICANT HAS MADE PUBLIC OVER THE LAST TWO YEARS
(IN CONSEQUENCE OF HAVING ITS SECURITIES SO TRADED) ARE AVAILABLE:
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www.namakwadiamonds.com
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DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING,
IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING
STRATEGY:
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The Company's core strategy is to establish a platform for
future growth and development, underpinned by the sustainable
commercial production from the Kao Mine in Lesotho.
Following Admission, the Company will continue to direct its
focus and its financial resources towards its principal assets
/ projects, being: i) the Kao Mine in Lesotho, which is expected
to become the largest producer of diamonds in Lesotho within
the next 12 months; ii) alluvial assets in the North West Province
of South Africa; and iii) development projects in Namibia and
the Northern Cape Province of South Africa.
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A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL OR TRADING
POSITION OF THE APPLICANT, WHICH HAS OCCURRED SINCE THE END
OF THE LAST FINANCIAL PERIOD FOR WHICH AUDITED STATEMENTS HAVE
BEEN PUBLISHED:
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Except as described below, there has been no significant change
in the financial or trading position of the Group since 31
August 2011, the date to which the last unaudited results of
the Group were prepared.
Jarvirne Facility and Settlement Facility
On 7 September 2011, Namakwa entered into the Jarvirne Facility
and the Settlement Agreement, (the latter having been subsequently
amended and each as defined and described above).
Disposal of non-current assets and disposal groups held for
sale
On 23 September 2011 the Group sold its mining and exploration
operations (the "DRC Group Assets") in the Democratic Republic
of Congo ("DRC") on a going concern basis for US$6,250,000
(the "Initial Consideration") to Hall Farm Avenue Limited,
the corporate vehicle of a management team lead by the Company's
DRC Country Manager, James Tregenza. The Initial Consideration
is to be settled over a 5-year period, with a minimum payment
of US$1,250,000 required in each year during this period.
In addition, in the event of a sale of all or part of the DRC
Group Assets during that time or, if longer, during the period
when the DRC Facility (as described below) has not been repaid
in full, all outstanding Initial Consideration shall become
due and payable, together with a 25% share of the net profit
from any such onward sale.
The sale of the DRC operations included the transfer of all
litigation in the DRC in respect of Namakwa Diamonds RDC SA
and Namakwa Diamond Mining Company SPRL (the operating company
for the Kasai Central Node).
The Group also agreed to provide a working capital facility
of US$300,000 to Hall Farm Avenue Limited as part of the sale
arrangements (the "DRC Facility"). The DRC Facility is repayable
on demand, and at the sole discretion of the Company.
The Company has retained an exclusive right to sell, as agent,
diamonds from the DRC Group Assets for a royalty payment of
15% of revenues (after the deduction of marketing costs and
expenses). This off-take arrangement would remain in place
until the later of: (i) the date of payment of the Initial
Consideration and repayment in full of the Facility; and (ii)
the fifth anniversary of the sale of the DRC Group Assets.
In the event that the initial consideration and facility were
satisfied within such 5-year period, the Company will continue
to maintain the exclusive right to sell such diamond product,
on an agency basis, for a 3% commission (after deducting selling
expenses) for the remainder of such 5-year period.
As part of the sale arrangements, the Group retained additional
rights of security to enhance its rights to receive payment
of all amounts due as consideration (and marketing commission)
and also the repayment in full of the Facility.
Restructuring of North-West province (South Africa) operations
During H1'FY2012, the Group substantially reduced Namakwa's
operations on this project area by moving from a 24/7 operating
model, which requires a three-shift mining team to a two-shift
mining team working 24 hours per day from 6 a.m. on Monday
to 6 a.m. on Saturday, with the remainder of the weekend used
for maintenance. Separately, Namakwa sought to increase the
number of contractors operating on the project area. Operations
on the Idada mine, which forms part of the South East Node
project area, have been indefinitely suspended, following a
number of continuing disputes between the local mining company,
Oersonskraal Mining (of which Namakwa is a 48% shareholder),
the local community and the Department of Mineral Resources.
Impairment charge
On 25 October 2011, the Board confirmed managements' decision
to account for an impairment charge of US$24.9 million in respect
of: (i) US$10.27 million relating to fixed assets in the North
West Province of South Africa, (ii) US$10.39 million relating
to fixed assets in the DRC; and (iii) US$4.29 million relating
to consumable stock in the DRC for the year ended 31 August
2011.
Kao Mine in Lesotho
On 30 November 2011, the High Court of Lesotho dismissed the
claim of Batla Minerals SA and, its subsidiary, Toro Diamonds
Lesotho (Pty) Ltd (together, "Batla Minerals") to a 50% interest
in Namakwa's 62.5% shareholding in Storm Mountain Diamonds,
with costs awarded to Namakwa. Batla Minerals subsequently
informed Namakwa on 15 December 2011 of its intention to exercise
its rights to appeal the decision of the High Court. On 27
April 2012, the Lesotho Court of Appeal granted leave to Batla
Minerals to file its record of appeal late and by a long-stop
date of 30 June 2012. Namakwa did not challenge Batla Minerals'
application, as in accordance with the decision of the Lesotho
High Court, Namakwa considers Batla Minerals' claim to be without
merit. The amount claimed by Batla Minerals is unquantifiable.
Sputnik Facility
On 10 April 2012 Namakwa entered into the Sputnik Facility
(as defined and described above).
Interim Results
On 26 April 2012 the Company announced its interim results
for the 6 months to 29 February 2012. In its results the Company
announced a proposed equity re-financing by way of an open
offer of up to US$55 million. In the announcement the Company
notified the market that Jarvirne had provided the Company
with a letter of intent to irrevocably commit up to subscribe
for up to US$52 million in new shares, provided that such offering
was completed by 30 June 2012 (the "Jarvirne Commitment").
The Jarvirne Commitment was conditional on, inter alia, there
being no material adverse change in the operating and financial
condition of the Group prior to the closing of the Open Offer
and upon Admission occurring by 30 June 2012.
Jarvirne Undertaking
On 5 June 2012, Jarvirne provided the Company with an irrevocable
undertaking (the "Jarvirne Undertaking"), conditional only
upon the publication of an open offer prospectus, to: (i) subscribe
for up to 794,063,295 Ordinary Shares; and (ii) vote in favour
of each of the resolutions relating to such open offer (other
than resolutions 4 and 6).
Refinancing and open offer
On 6 June 2012 the Company announced the publication of a prospectus
and a refinancing by way of an open offer. The open offer closed
on 27 June 2012. 794,629,171 Ordinary Shares in the Company
were issued under the open offer. These Ordinary Shares were
admitted to trading on the Main Market of the London Stock
Exchange on 28 June 2012. The Company currently has a total
of 1,099,237,020 Ordinary Shares in issue.
The net proceeds of the open offer were c.US$53.5 million.
The net proceeds of the open offer have been applied as follows:
1. On 28 June 2012 repayment of the principal amount and accrued
interest of c.US$10.24 million in respect of the Sputnick Facility
(which was terminated);
2. On 28 June repayment of the principal amount of US$35.2
million in respect of the Jarvirne Facility (which was terminated,
and the security entered into in accordance therewith released);
and
3. The remainder of c.US$ 8 million utilised for ongoing working
capital requirements.
Details relating of both the Sputnick Facility and the Jarvirne
Facility can be found in the prospectus published by the Company
on 6 June 2012 and available on the Company's website at www.namakwadiamonds.com
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A STATEMENT THAT THE DIRECTORS OF THE APPLICANT HAVE NO REASON
TO BELIEVE THAT THE WORKING CAPITAL AVAILABLE TO IT OR ITS
GROUP WILL BE INSUFFICIENT FOR AT LEAST TWELVE MONTHS FROM
THE DATE OF ITS ADMISSION:
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The Directors of the Company have no reason to believe that
the working capital available to the Company will be insufficient
for at least twelve months from the date of its Admission.
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DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE
AIM RULES:
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N/A
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A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR SETTLING THE APPLICANT'S
SECURITIES:
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To settle the securities to be traded on AIM, the Company has
in place Depository Interests, representing its Ordinary Shares,
which are admitted to CREST. Accordingly, settlement of transactions
in the Depository Interests following Admission will take place
within the CREST system.
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A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING TO THE APPLICANT'S
SECURITIES:
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www.namakwadiamonds.com
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INFORMATION EQUIVALENT TO THAT REQUIRED FOR AN ADMISSION DOCUMENT
WHICH IS NOT CURRENTLY PUBLIC:
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The Company published a Prospectus on 6 June 2012 which includes
information equivalent to that required for an Admission Document
and is available on the Company's website at www.namakwadiamonds.com
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A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S LATEST
ANNUAL REPORT AND ACCOUNTS WHICH MUST HAVE A FINANCIAL YEAR
END NOT MORE THEN NINE MONTHS PRIOR TO ADMISSION AND INTERIM
RESULTS WHERE APPLICABLE. THE ACCOUNTS MUST BE PREPARED IN
ACCORDANCE WITH ACCOUNTING STANDARDS PERMISSIBLE UNDER AIM
RULE 19:
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www.namakwadiamonds.com
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THE NUMBER OF EACH CLASS OF SECURITIES HELD IN TREASURY:
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There are no Ordinary Shares held in Treasury.
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This information is provided by RNS
The company news service from the London Stock Exchange
END
PAARJMPTMBAMMMT
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