Paragon Diamonds to be Delisted from AIM

(IDEX Online News) – Paragon Diamonds Limited has announced that its shares are to be delisted from London’s AIM (London’s Alternative Investment Market) as of December 29. The move follows a delay in funding, which Paragon says will not be finalized by the end of the year.

The company says it has been “working tirelessly” to finalize the required funding to bring its Lemphane Kimberlite Pipe Project into production and to enable continued negotiation regarding acquiring a license to explore the Mothae Kimberlite Resource. Both projects are located in Lesotho.  

Despite the delisting, Paragon’s board of directors has stated that it does not believe that the value of investors’ share holdings will not be materially affected by the event of a delisting. 

“The company retains the same prospects and remain highly confident that the funding discussion will be concluded successfully in the near future and will enhance the existing value of the company when finalized.”

It stated that it is continuing to seek completion of the required funding as a matter of urgency. Assuming that the required funding is obtained, Paragon will work towards a new listing on AIM or the main market as soon as possible in 2016.