West African Diamonds PLC (AIM: WAD) said it has raised £650,000 before expenses through the placing of 21,666,675 new ordinary shares with directors of the company and institutional investors at a price of 3 pence per share.
The funds will be used to expand production at West African Diamonds' Bomboko alluvial diamond mine in Guinea and as working capital.
The placing has been performed under existing share authorities, and the new shares equate to approximately 24 percent of the enlarged issued share capital.
West African Diamonds non-executive chairman John Teeling, technical director Alex Van Zyl and non-executive director James Finn have participated in the placing and have subscribed for 1,000,000, 1,000,000 and 666,667 shares respectively.
Teeling now holds 2,015,862 shares, or 2.24 percent, Van Zyl holds 1,125,000 shares, or 1.25 percent and Finn has raised his holding to 1,547,394 shares, a 1.72 percent stake.
Executive deputy chairman James Campbell holds 125,000 shares in the company, or 0.14 percent.
No comments:
Post a Comment