17 October 2006
The London Stock Exchange is delighted to welcome Pangea DiamondFields plc to AIM.
Pangea is a diamond exploration company with a portfolio of nine diamond projects across four African countries. Pangea’s portfolio comprises 25 distinct resource target areas, across Central African Republic; Democratic Republic of the Congo; South Africa; and Angola. One project has advanced to pilot mining, two have reached the bulk sampling stage and the remaining projects are at differing stages of exploration.
Pangea has successfully placed 26.5 million new Ordinary Shares at price of 60 pence per Ordinary Share to raise £15.9 million gross, giving it a market capitalisation of approximately £70.2 million. The proceeds of the placing will be used to progress the three best projects to mine development by mid 2009 and then to expand these mines to optimum scale by modular expansion.
Rob Still, Chief Executive of Pangea, commented: “We are looking forward to seeing the Company commence trading on AIM, which is our market of choice to provide visibility, raise our international profile and give access to a broader shareholder base. We look forward to sharing the Company’s future successes with our new shareholders.”
Ambrian Partners Limited is acting as Nominated Adviser and Broker to the Company.