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ROCKWELL DIAMONDS INCORPORATED - Rockwell issues first, second and third quarter results of Fiscal 2019

Release Date: 23/04/2019 10:10
Code(s): RDI     PDF:  
 
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Rockwell issues first, second and third quarter results of Fiscal 2019

ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia, Canada)
(Incorporation number BC0354545)
(Formerly Rockwell Ventures Inc.)
(South African Registration number 2007/031582/10)
Share Code on the JSE Limited: RDI
ISIN: CA77434W2022
Share code on NEX: RDI.H
CUSIP Number: 7743W103
(“Rockwell”)

Rockwell issues first, second and third quarter results of Fiscal 2019


April 18, 2019, Toronto. Rockwell Diamonds Inc. ("Rockwell" or the "Company") (NEX: RDI.H; JSE:
RDI) today filed its outstanding quarterly filings in respect of first, second and third quarter 2019 results
and provided a further update as to the developments with respect to the status of liquidation of its three
subsidiaries in South Africa. These subsidiaries are Rockwell Resources RSA (Pty) Ltd (Rockwell
RSA), HC van Wyk Diamonds Ltd (HC van Wyk) and Saxendrift Mine (Pty) Ltd (Saxendrift).
Material elements include:

      •     The financial results presented included the financial statements of the Company but did
            not consolidate the three subsidiaries in South Africa and the two subsidiaries in Cayman
            Islands. The Company no longer has control over the three South African and two Cayman
            Islands subsidiaries sufficient to consolidate under IFRS,
      •     As the Company is not trading, the financial results primarily reflect the holding costs of the
            Company which remains under financial duress as no income will be forthcoming from the
            liquidation process of the three South African subsidiaries. The Company is in a final
            dormant phase of its life cycle and reflects a nine-month comprehensive loss of $0.214M,
            which results from a non-cash profit on deconsolidation of the Cayman Islands subsidiaries
            being set off against administration expenses and finance charges on debt.
      •     The Company is awaiting, after addressing all outstanding compliance issues, an offer to
            take the Company private. The debenture holders in the Company have indicated that they
            will not seek repayment and will surrender their debentures. On consideration of the offer
            and sanction by shareholders, the Company will be delisted in an orderly fashion.

      For further information on Rockwell and its operations in South Africa, please contact:
      Willem Jacobs                               Chief Executive Officer                           + 27 (0)72 614 4053



Company Registration No.: 2007/031582/10                                                                                         www.rockwelldiamonds.com

c/o Fasken Martineau duMoulin, Bay Adelaide Centre, Suite 2400, 333 Bay Street, Toronto, Ontario, M5H 2T6 Tel: +416 366 8381 Fax: +416 364 7813
Rockwell Site Office Saxendrift Farm, Pixley Ka Seme District Municipality, Douglas, South Africa, 8730 Tel: +27 (0) 53 531 1300 Fax: +27 (0)86 206 2171
                                                                                                                                           NEX: RDI.H JSE: RDI
About Rockwell Diamonds
Rockwell has been engaged in the business of operating and developing alluvial diamond deposits.
The Company’s investments and mineral property interests are located in South Africa and, although
still owned by the Company, have been de-consolidated due to a loss of control and value stemming
from being in liquidation since November 2016, and awaiting final liquidation proceedings towards the
end of 2019.

Rockwell’s common shares trade on NEX under the symbol “RDI.H” and on the JSE Ltd under the
symbol “RDI”. Trading of Rockwell’s shares remains suspended.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
No regulatory authority has approved or disapproved the information contained in this
news release.
Forward Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain events or conditions
"may" or "will" occur. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from
those in the forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking
statements include uncertainties and costs related to the transaction and the ability of each
party to satisfy the conditions precedent in a timely manner or at all, exploration and
development activities, such as those related to determining whether mineral resources exist on
a property; uncertainties related to expected production rates, timing of production and cash and
total costs of production and milling; uncertainties related to the ability to obtain necessary
licenses, permits, electricity, surface rights and title for development projects; operating and
technical difficulties in connection with mining development activities; uncertainties related to
the accuracy of our mineral resource estimates and our estimates of future production and future
cash and total costs of production and diminishing quantities or grades of mineral resources;
uncertainties related to unexpected judicial or regulatory procedures or changes in, and the
effects of, the laws, regulations and government policies affecting our mining operations;
changes in general economic conditions, the financial markets and the demand and market
price for mineral commodities                       such as diesel fuel, steel, concrete, electricity, and other forms
Company Registration No.: 2007/031582/10                                                                                         www.rockwelldiamonds.com

c/o Fasken Martineau duMoulin, Bay Adelaide Centre, Suite 2400, 333 Bay Street, Toronto, Ontario, M5H 2T6 Tel: +416 366 8381 Fax: +416 364 7813
Rockwell Site Office Saxendrift Farm, Pixley Ka Seme District Municipality, Douglas, South Africa, 8730 Tel: +27 (0) 53 531 1300 Fax: +27 (0)86 206 2171
                                                                                                                                           NEX: RDI.H JSE: RDI
of energy, mining equipment, and fluctuations in exchange                                           rates, particularly with respect to
the value of the US dollar, Canadian dollar and South African Rand; changes in accounting
policies and methods that we use to report our financial condition, including uncertainties
associated with critical accounting assumptions and estimates; environmental issues and
liabilities associated with mining and processing; geopolitical uncertainty and political and
economic instability in countries in which we operate; and labour strikes, work stoppages, or
other interruptions to, or difficulties in, the employment of labour in markets in which we operate
our mines, or environmental hazards, industrial accidents or other events or occurrences,
including third party interference that interrupt operation of our mines or development projects.

For further information on Rockwell, Investors should review Rockwell's home jurisdiction filings
that are available at www.sedar.com.




Company Registration No.: 2007/031582/10                                                                                         www.rockwelldiamonds.com

c/o Fasken Martineau duMoulin, Bay Adelaide Centre, Suite 2400, 333 Bay Street, Toronto, Ontario, M5H 2T6 Tel: +416 366 8381 Fax: +416 364 7813
Rockwell Site Office Saxendrift Farm, Pixley Ka Seme District Municipality, Douglas, South Africa, 8730 Tel: +27 (0) 53 531 1300 Fax: +27 (0)86 206 2171
                                                                                                                                           NEX: RDI.H JSE: RDI

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