BlueRock Diamonds PLC Director Loan (1742Y)
17 August 2018 - 8:30PM
UK Regulatory
TIDMBRD
RNS Number : 1742Y
BlueRock Diamonds PLC
17 August 2018
BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources
17 August 2018
BlueRock Diamonds PLC ('BlueRock' or the 'Company')
Director Loan
BlueRock Diamonds PLC, the AIM listed diamond producer, which
owns and operates the Kareevlei Diamond Mine ('Kareevlei') in the
Kimberley region of South Africa, confirms that, further to the
announcement on 10 August 2018, it has entered into a loan with
Paul Beck and Adam Waugh, the Company's Chairman and CEO
respectively, (the "Loan").
The principal amount of the Loan is GBP231,400 comprising
GBP50,000 from Paul Beck and GBP181,400 from Adam Waugh. The key
provisions of the Loan are as follows: a term of up to three years,
but pre-payable in full or in part at any time at the option of the
Company; an arrangement fee of 5 per cent. of the loan principal;
interest payable of 11 per cent. per annum on the loan principal
payable quarterly, 6 per cent. payable in cash and the remaining 5
per cent. payable by a combination of cash and shares (at the
Company's sole discretion); a repayment premium at an amount equal
to 2 per cent. of the loan principal per month that the Loan is
outstanding, payable on repayment of the Loan in full or in part to
be satisfied half in cash and half in shares, at the mid-market
price at the time of the relevant repayment, or cash (at the
Company's sole discretion); and that in the event that the Company
raises further funds, preference is given to repaying the Loan. It
will be the Board's intention to repay the Loan as soon as
practicable.
Related Party Transaction
Paul Beck and Adam Waugh, as Directors of the Company, are both
considered to be "related parties" as defined under the AIM Rules
and accordingly, the Loan constitutes a related party transaction
for the purposes of Rule 13 of the AIM Rules.
The Directors independent of the Loan, being David Facey and Tim
Leslie, consider, having consulted with the Company's nominated
adviser, SP Angel, that the terms of the Loan are fair and
reasonable insofar as the Company's shareholders are concerned.
Market Abuse Regulation (MAR) Disclosure - Certain information
contained in this announcement would have been deemed inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.
**ENDS**
For further information, please visit BRD's website
www.bluerockdiamonds.co.uk or contact:
BlueRock Diamonds PLC awaugh@bluerockdiamonds.co.uk
Adam Waugh, CEO dfacey@bluerockdiamonds.co.uk
David Facey, FD
SP Angel (NOMAD and Joint Broker) Tel: +44 (0)20 3470 0470
Stuart Gledhill / Lindsay Mair/Caroline
Rowe
--------------------------------
SVS Securities (Joint Broker) Tel: +44 (0) 20 3700 0100
Tom Curran / Ben Tadd
--------------------------------
St Brides Partners Ltd (Financial Tel: +44 (0)20 7236 1177
PR)
Lottie Wadham / Juliet Earl
--------------------------------
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END
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