Source - RNS
RNS Number : 5149M
Diamondcorp Plc
14 October 2016
 

14 October 2016

 

 

DiamondCorp plc

 

AIM share code: DCP & JSE share code: DMC

ISIN: GB00B183ZC46

(Incorporated in England and Wales)

(Registration number 05400982)

(SA company registration number 2007/031444/10)

 

("DiamondCorp", "the Group" or "the Company")

 

Funding update

 

Further to the announcements of 12 and 13 October 2016, DiamondCorp announces that the third party with whom the Company has been in advanced discussions for the provision of a convertible debt facility has withdrawn from such discussions due to the adverse movement in the Company's share price.

 

However, the Company is in accelerated discussions with certain of the Company's shareholders and other third parties with a view to securing the necessary additional funding of c.£500,000 to satisfy immediate financial commitments. In the absence of a successful resolution to these discussions, it is likely that the Group will be unable to continue trading as a going concern in the very near term.

 

No assurances can be given at this stage that the provision of the required immediate term funding will be entered into either in time or at all. Additionally, in the event that the Company secures the required immediate term funding, there can be no certainty that the Company will subsequently secure the necessary funding solutions to meet its longer term financial requirements as previously announced.

 

The Company will update shareholders accordingly.

 

 

 

Contact details:

 

DiamondCorp plc

Paul Loudon, Chief Executive

Tel: +27 56 216 1300

Euan Worthington, Chairman

Tel: +44 7753 862 097

 

UK Broker & Nomad

Panmure Gordon (UK) Limited

Adam James/Atholl Tweedie

Tel: +44 20 7886 2500

 

JSE Designated Advisor

Sasfin Capital (a division of Sasfin Bank Limited)
Megan Young

Tel: +27 11 445 8068

 

SA Corporate Advisor

Qinisele Resources Proprietary Limited

Dennis Tucker/Andrew Brady

Tel: +27 11 883 6358

 

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").


This information is provided by RNS
The company news service from the London Stock Exchange
 
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