Rockwell Announces Full Revocation of Cease Trade Order

TORONTO, Jan. 5, 2021 /CNW/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company") (JSE: RDI) is pleased to announce that, effective December 23, 2020, the Ontario Securities Commission granted full revocation of the failure-to-file cease trade order (the "FFCTO") previously ordered against the Company on July 5, 2018. Such revocation is applicable and effective in the provinces of Ontario, Alberta, Québec, Nova Scotia, New Brunswick, Manitoba, Saskatchewan and British Columbia.  

The FFCTO was originally imposed as the Company had not filed within the required timeframe its annual audited financial statements and management's discussion and analysis for the year ended February 28, 2018, nor the certifications of the foregoing filings, as required under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations.

As at December 15, 2020, the Company filed all outstanding continuous disclosure documents that were required to be filed under applicable securities laws, and the Company is currently up-to-date in all of its required disclosure filings.

About Rockwell Diamonds Inc.

Rockwell was 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 expected in May 2021.

Rockwell's common shares are listed on the JSE Ltd. under the symbol "RDI". Trading of Rockwell's shares on the JSE Ltd. will remain suspended. 

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. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are  made.  Except  as  required  by  applicable  securities  laws,  the  Company  undertakes  no  obligation  to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE Rockwell Diamonds Inc.

Willem Jacobs, President and Chief Executive Officer of Rockwell Diamonds Inc., Phone: [phone], Email: [email protected]