PDF Pangea Diamond

 

TIDMPDF 
 
RNS Number : 8737D 
Pangea DiamondFields PLC 
10 December 2009 
 

 
 
 
 
 
Pangea DiamondFields plc 
('Pangea' or the 'Company') 
 
 
Shareholder Loan 
 
 
Pangea DiamondFields plc (AIM: PDF), the diamond producer and exploration 
company, announces that it has signed, through its wholly owned subsidiary 
Efidium Limited ("Efidium"), an unsecured short term bridging loan agreement 
with a substantial shareholder ("Agreement"). Under the Agreement, Efidium is 
able to borrow GBP370,000 (approximately US$0.6m) repayable on or before 30 June 
2010 together with interest at a rate of 7% per annum. 
 
 
As at 30 November, and prior to any draw down on the loan, the Company had cash 
reserves of US$0.3 million 
and unsold diamond stock valued at approximately 
US$0.3 million, based on current estimated prices. Efidium has since drawn down 
the monies available under the Agreement and will apply it into its projects on 
an as needed basis until the next diamond sale, anticipated in the first quarter 
of 2010. The sale of diamonds in Angola typically ceases each year from early 
December until late January. 
 
 
Chief Executive Boris Kamstra said, "This additional cash underpins our 
expansion of Cassanguidi where we continue to make good progress toward bringing 
this project to full capacity by the year end. It also demonstrates the 
confidence which shareholders have in the longer term potential of the Company 
and enables Pangea to manage comfortably the burn rate in the business in what 
is a seasonally low time for diamond sales and production. 
 
 
Further information: 
 
 
+---------------------------+----------------------------+---------------------------+ 
| Pangea DiamondFields plc  | Ambrian Partners Limited   | Walbrook PR Ltd           | 
|                           |                            |                           | 
+---------------------------+----------------------------+---------------------------+ 
| Boris Kamstra             | Richard Brown / Richard    | Louise Goodeve / Leah     | 
|                           | Greenfield                 | Kramer                    | 
+---------------------------+----------------------------+---------------------------+ 
| T: +27 11 438 4100        | T: +44 (0) 20 7634 4700    | T: +44 (0) 20 7933 8780   | 
|                           |                            |                           | 
+---------------------------+----------------------------+---------------------------+ 
Notes to Editors: 
 
 
About Pangea DiamondFields PLC 
 
 
Pangea DiamondFields plc (AIM: PDF) is an emerging diamond producer and 
exploration company with a portfolio of eight projects each with multiple 
resource targets, located in the Central African Republic, Democratic Republic 
of the Congo, South Africa and Angola. The Company aims to minimise risk by 
diversifying its projects geographically. 
 
 
PDF listed on AIM in October 2006 and is led by a strong management team, with a 
track record for creating shareholder value in mineral exploration. 
 
 For more information on PDF, please visit: 
http://www.pangeadiamondfields.com/ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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