PDF Pangea Diamond

 

TIDMPDF 
 
RNS Number : 0689O 
Pangea DiamondFields PLC 
27 February 2009 
 

 
 
 
 
27 February 2009 
                                     AIM: PDF 
 
 
 
 
Pangea DiamondFields plc 
('Pangea' or the 'Company') 
 
 
Open Offer Update 
 
 
On 15 December 2008, the Company announced the results of an Open Offer for the 
issue of up to 2,007,745,770 new Ordinary Shares at 0.5 pence per Ordinary 
Share, on the basis of 15 Offer Shares for each existing Ordinary Share. 
 
 
The Open Offer was subject to the satisfaction or waiver of inter alia the 
following conditions by no later than 28 February 2009: 
 
(i)        not less than US$12 million in aggregate being raised under the Open 
Offer (based on an exchange rate of GBP1:US$1.492); and 
 
(ii)       Admission of not less than 1,608,579,081 Offer Shares (being such 
number as is required to satisfy condition (i) above). 
 
 
 
The Company has provided regular updates of progress of the Open Offer, most 
recently on 19 February 2009, at which time applications in respect of 
208,511,235 Offer Shares remained unpaid but which the Company, in accordance 
with the terms of the Open Offer, elected to treat as valid and binding on the 
persons by whom they were lodged. 
 
 
The Company today announces that it has since received payment in respect of 
71,263,050 Offer Shares providing proceeds to the Company of GBP356,315.25 
(US$531,622.35 at an exchange rate of GBP1:US$1.492). The Company has therefore 
today issued and allotted 71,263,050 ordinary shares of US$0.005 each 
('Shares'). Application has been made to the AIM Market of the London Stock 
Exchange ('AIM') for the admission to trading of those Shares ('Admission'), 
which is expected to occur at 8.00 a.m. on 5 March 2009. 
 
 
In aggregate, 1,608,579,082 Offer Shares have now been issued pursuant to the 
Open Offer, thus providing gross proceeds of US$12 million at an exchange rate 
of GBP1:US$1.492 and satisfying condition (i) above. While Admission is not 
expected to occur until 5 March 2009, in light of the satisfaction of condition 
(i) and application for Admission having been made, the Directors have elected 
to waive condition (ii) above. All outstanding conditions to the Open Offer have 
now therefore been satisfied or waived and the Company is not obliged to issue 
any further Shares at the Open Offer price. 
 
 
Applications in respect of 137,248,185 Offer Shares remain unpaid and given that 
the majority of these applications are also associated with legally binding 
irrevocable undertakings, the Company continues to take steps to pursue the 
recovery of monies owed under these applications but with regard to the market 
price of the Shares. There is however no guarantee that these efforts will be 
successful. 
 
 
Details of the Open Offer were contained in a circular to shareholders dated 20 
November 2008 (the 'Circular'). This announcement should be read in conjunction 
with the Circular and terms defined in the Circular have the same meaning in 
this announcement. 
 
 
Further information: 
 
 
+---------------------------+--------------------------+---------------------------+ 
| Pangea DiamondFields plc  | Ambrian Partners Limited | Parkgreen Communications  | 
|                           |                          |                           | 
+---------------------------+--------------------------+---------------------------+ 
| Brett Thompson            | Richard Brown / Richard  | Louise Goodeve / Sue      | 
|                           | Greenfield               | Scott                     | 
+---------------------------+--------------------------+---------------------------+ 
| T: +27 11 438 4100        | T: +44 (0) 20 7634 4700  | T: +44 (0) 20 7933 8780   | 
|                           |                          |                           | 
+---------------------------+--------------------------+---------------------------+ 
 
 
 
 
Notes to Editors: 
 
 
About Pangea Diamondfields PLC 
 
 
Pangea DiamondFields plc (AIM: PDF) is an emerging diamond producer and 
exploration company with a portfolio of eight projects each with multiple 
resource targets, located in the Central African Republic, Democratic Republic 
of the Congo, South Africa and Angola. The Company aims to minimise risk by 
diversifying its projects geographically. 
 
 
PDF listed on AIM in October 2006 and is led by a strong management team, with a 
track record for creating shareholder value in mineral exploration. 
 
 For more information on PDF, please visit: 
http://www.pangeadiamondfields.com/ 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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