PDF Pangea Diamond

 

TIDMPDF 
 
RNS Number : 3883Q 
Pangea DiamondFields PLC 
09 April 2009 
 

 
 
 
 
9 April 2009 AIM: PDF 
 
 
 
 
Pangea DiamondFields plc 
('Pangea' or the 'Company') 
 
 
Final Settlement of Claims in Respect of Open Offer 
 
 
On 20 November 2008, the Company announced 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. 
 
 
On 27 February 2009, the Company announced that the Open Offer had effectively 
been closed with a total of 1,608,579,082 Offer Shares having been issued, 
providing gross proceeds of US$12 million. It was also announced at that time 
that applications in respect of 137,248,185 Offer Shares remained unpaid and 
given that these applications were also associated with legally binding 
irrevocable undertakings, the Company would continue to take steps to pursue the 
recovery of monies owed. 
 
 
The Company today announces that it has negotiated a settlement in respect of 
the outstanding commitments associated with the Open Offer and has since 
received a final settlement payment of GBP515,000. In terms of the final 
negotiated settlement the Company will, subject to shareholder consent at the 
Company's upcoming AGM, issue by private placement a further 38,897,281 ordinary 
shares at an issue price of 1.324 pence, which represents a premium of 165 % 
over the Open Offer issue price of 0.5 pence. 
 
 
Commenting on this development, Chief Executive Brett Thompson stated, "I am 
pleased that we have achieved a satisfactory conclusion to this matter.  It is 
prudent at present to maintain a strong cash balance and these funds will 
certainly assist in this regard as well as boosting the Company's working 
capital and therein, its continued operational progress." 
 
 
 
 
Further information: 
 
 
+---------------------------+--------------------------+---------------------------+ 
| Pangea DiamondFields plc  | Ambrian Partners Limited | Walbrook PR Ltd           | 
|                           |                          |                           | 
+---------------------------+--------------------------+---------------------------+ 
| Brett Thompson            | Richard Brown / Richard  | Louise Goodeve / Leah     | 
|                           | Greenfield               | Kramer                    | 
+---------------------------+--------------------------+---------------------------+ 
| 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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