By Laura Lutz
Des Moines, May 23 - European Diamonds plc raised £3.31 million from a private placement of shares with warrants. The company also priced another private placement of shares with warrants for £1.855 million.
In the completed offering, the company sold 16.55 million ordinary shares at 20p each. The investors in that deal will receive one half-share warrant for every share issued. Each whole warrant is exercisable at 30p until July 17, 2009.
The issue of warrants is subject to shareholder approval at an extraordinary general meeting that will be convened soon.
The newly proposed placement will include 9.275 million shares at 20p each. Investors in that offering will also receive one half-share warrant for each share issued, on the same terms as in the first placement.
Proceeds from both deals will be used for project evaluation, a feasibility study, environmental and other studies, and working capital.
European Diamonds is a diamond exploration and development company based in St Albans, England.
£3.31 million offering
| Issuer: | European Diamonds plc
|
| Issue: | Shares
|
| Amount: | £3.31 million
|
| Shares: | 16.55 million
|
| Price: | 20p
|
| Warrants: | One half-share warrant per share
|
| Warrant expiration: | July 17, 2009
|
| Warrant strike price: | 30p
|
| Settlement date: | May 23
|
| Stock symbol: | London: EPD
|
| Stock price: | 20.75p at close May 23
|
|
|
| £1.855 million offering
|
| Issuer: | European Diamonds plc
|
| Issue: | Shares
|
| Amount: | £1.855 million
|
| Shares: | 9.275 million
|
| Price: | 20p
|
| Warrants: | One half-share warrant per share
|
| Warrant expiration: | July 17, 2009
|
| Warrant strike price: | 30p
|
| Pricing date: | May 23
|
| Stock symbol: | London: EPD
|
| Stock price: | 20.75p at close May 23
|
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