Stellar Diamonds plc – Admission to AIM

Stellar Diamonds plc – Admission to AIM

Admission to AIM – First Day of Dealings

Stellar, a focused diamond exploration, production and development company with a portfolio of properties in West Africa is pleased to announce its admission to the AIM market of the London Stock Exchange and the first day of dealings in its ordinary shares under ticker symbol STEL at 8.00 a.m. today, following the completion of the reverse acquisition of Stellar Diamonds Limited by West African Diamonds plc (“WAD”) and a £5 million placing (before expenses).  On Admission, the Company will have 96,581,432 ordinary shares in issue and will have a market capitalisation of approximately £19 million.   

Highlights

  • Stellar is focused on building a leading diamond explorer and producer in West Africa
  • The Company will have a number of opportunities to harness corporate and operational synergies, thus allowing the operational cost base per carat to be reduced
  • Revenue from the two producing alluvial mines, Bomboko and Mandala, will reduce financial risk, increase cashflow and enhance growth possibilities
  • Stellar will have four high grade kimberlite projects at various stages of development – Tongo and Kono (in Sierra Leone) and Droujba and Bouro (in Guinea)
  • The strengthened balance sheet and two producing projects provide a good platform for the Company to seek further growth by acquisition
  • The board has significant experience in the West African mining industry and a proven track record of developing mines


RBC Capital Markets is the nominated adviser and broker to the Company.

Commenting on Admission, Karl Smithson, Chief Executive Officer, said:
“We look forward to executing the Company’s growth strategy in an improving diamond sector.  Stellar has a good balance of portfolio projects that bring a combination of immediate cash flow and excellent exploration and development upside. I look forward to updating our shareholders on progress in due course.”

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