WAD debuts on stock market

WEST AFRICAN DIAMONDS (WAD), the Guinea and Sierra Leone-focused offshoot of the Dublin-based company African Diamonds, debuted on London’s Alternative Investment Market (AIM) yesterday.

The company, which demerged from African Diamonds last year, listed on AIM at a share price of 20p and raised £2.7 million on the placing — in which 33.57 million ordinary shares were offered.

The company, chaired by John Teeling, is claiming that near-term production will provide positive cashflow as do new exploration licences acquired in Guinea. WAD is also intending to make further acquisitions.