Memery Crystal Acts for Petra Diamonds Limited on US$120 Million Fundraising

Memery Crystal LLP has acted for longstanding client Petra Diamonds Limited ("Petra") in connection with the placing of 121,200,000 new ordinary shares to trading on AIM.  The placing raised gross proceeds of US$120 million.

Petra Diamonds is a leading supplier of rough diamonds. A number of significant acquisitions have established Petra as one of the world's largest independent diamond groups by resources, with a total resource base of 262 million carats.

The Memery Crystal team was led by Lesley Gregory and included associates David Langford and David Walker and assistant Melanie Jory.

Lesley Gregory commented: "We are delighted to have assisted Petra Diamonds on this major fundraising at such a transformational stage in the company's growth.  We have worked with Petra on a number of significant transactions in recent years, including its acquisition of the historic Cullinan mine, and we look forward to continuing this relationship as Petra realizes its vision of becoming one of the world's leading diamond producers."

Memery Crystal is a recognised leader for its natural resources corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies. The firm is ranked among the upper tier of law firms for its AIM experience by both Chambers and The Legal 500, acting for smaller to medium-sized public companies and off-shore funds, as well as for their nominated advisers and brokers.