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PureDiamonds Resources Secures $32M Equity From Lambert

Nov 7, 2014 11:17 AM   By Jeff Miller
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RAPAPORT... PureDiamonds Resources, a subsidiary of Thabex Ltd., entered into  a $32 million (GBP 20 million) equity subscription facility with Lambert Private Equity LLC.  The three-year long agreement and fund drawdowns are  subject to receipt of regulatory approvals.

Jeffry Rapoo, a non-executive chairman of PureDiamonds Resources, explained,  "The funding to be provided under our agreement with Lambert ensures that we have the financial strength to develop the Monastery kimberlite project in the eastern Free State Province of South Africa and to continue evaluating growth opportunities in the region. Our relationship with Lambert will also protect and benefit our shareholders over the long term by providing dilution control and the flexibility for near-market pricing on future financing once the intended listing of PureDiamonds Resources on the Alternative Investment Market (AIM) market in London and dual listing on the JSE’s AltX market, have been completed."

Lambert and associates of the equity firm agreed to subscribe for  PureDiamonds Resources  shares through a series of drawdowns. The purchase price per share for any given drawdown will be equal to the greater of either 90 percent of the lowest daily volume-weighted average price of the common shares of PureDiamonds Resources, once they are listed on the AIM, during the 15 trading days following a notice, or  the lowest price permitted by the policies of the AIM.

Proceeds from each drawdown will be used for general corporate and working capital purposes and may be used to develop the Monastery kimberlite project into a fully-fledged diamond mine evaluate and to pursue strategic acquisitions, according to the agreement.  PureDiamonds Resources will pay Lambert a commitment fee by the issuance of shares, equal to 2 percent of the issued share capital.


Tags: funding, Jeff Miller, Lambert Private Equity, mining, Monastery, PureDiamonds Resources
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