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     Latest News: Rockwell Diamonds Inc. ROCKWELL [RDI]
     Wed, 19 Nov 2014 Official Announcement [Y] 
    Rockwell-USD4.1 million unsecured debentures
    Rockwell Diamonds Inc. announces that it has completed an offering of two-year unsecured convertible debentures in a principal amount of USD4.1 million (all amounts CDN USD) with two insiders, namely Rockwell’s principal shareholder Daboll Consultants Ltd, an affiliate of Diacore, as to USD3.0 million and with Mark Bristow, Rockwell’s non-executive chairman as to USD1.1 million. The proceeds of the offering will be used to finance current and proposed work programs on the Company's diamond projects and for general working capital purposes.

    The debentures bear interest at a rate of 5% p.a. and will become convertible, subject to the prior approval of the disinterested minority shareholders, into equity securities of the Company. Subject to such approval, the debenture holders may convert the principal and interest into the same securities issued as may be issued in any equity financings completed by the Company within the first 12 months after the debentures are issued, and if no equity financings are completed, then the debentures may be converted into common shares at the undiscounted five day volume weighted average price (VWAP) anytime in the second 12 months. If conversion occurs in connection with an equity financing, the debenture holders will receive a 10% discount to the equity financing price not to exceed a discount of more than 25% from the VWAP (where the Company’s shares trade at $0.50 or less and 20% discount from VWAP if above $0.50). If the equity financing is $10 million or more the debentures automatically convert into the same securities on those terms. In accordance with MI 61-101 the Company will seek disinterested minority shareholder approval at the earliest of the next shareholders meeting and in conjunction with the next round of equity financing and a valuation is expected to be provided in connection with seeking minority approval.
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