The Board of West African Diamonds plc ("the Company") announces that it has issued 10,130,086 ordinary shares of 1 pence each at a price per share of 4 pence to Mantle Diamonds Limited ("the New Ordinary Shares"). The New Ordinary Shares have been issued in consideration for the conversion of a loan note of £385,000, plus accrued interest, for which Mantle subscribed in June 2008.
The New Ordinary Shares will rank pari passu with the existing ordinary shares in the Company. Application has been made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that admission will occur on Monday 2 March 2009.
Following the issue of the New Ordinary Shares, the issued share capital of West African Diamonds will comprise 68,280,844 ordinary shares of 1 pence each, with Mantle's holding representing roughly 14.8% of the company.
