8th Apr 2016 13:39
LONDON (Alliance News) - Firestone Diamonds PLC Friday said it has issued 1.6 million new shares in the company in order to settle the interest due under its USD30.0 million Eurobond debt facility.
The company opted to settle the interest due under the facility for the quarter to the end of March by issuing those shares. Eurobonds amounting to USD30.0 million had been issued at the end of March, the company said.
Therefore, Firestone has issued 783,588 new shares to Pacific Road Resources Fund II LLP and Pacific Road Resources Fund II, and a further 786,326 shares have been issued to Resource Capital Fund IV LP.
Those shares represent around 0.5% of the company's enlarged issued share capital.
Following the transactions, Pacific Road is interested in 72.9 million shares, pushing its stake up to 23.33%, whilst Resource Capital holds under 73.0 million shares, giving it a 23.34% stake in Firestone.
Firestone recently reported that its cash balance at the end of 2015 stood at USD18.1 million, of which USD14.2 million was cash-on-hand.
Firestone shares were trading flat on Friday at 27.0 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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