Kareevlei Diamond Mine ('Kareevlei') in the Kimberley region of South Africa, is pleased to provide an update on corporate and operational activities.
· Heads of Terms agreed with the Teichmann Group ('Teichmann') for a £1.61m loan note with the intention that this will be replaced by a convertible loan note ('CLN'), which will increase the aggregate shareholding of the Teichmann Group concert party to approximately 49% if converted (the 'Teichmann Financing') · Completed 80% of expansion project (the 'Project') at Kareevlei, which is on track to be commissioned in July and is expected to increase annual revenue to circa USD16m per annum · Ongoing review of the expansion of the Kareevlei operation including environmental and sustainability factors leading to increased upfront costs