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Kimberley Diamonds to Raise $10M, Resume Operations on Lerala
Aug 26, 2014 3:51 PM
By Jeff Miller
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RAPAPORT... Kimberley Diamonds announced a pro-rata non-renounceable rights issue offer of new shares at 19 cents each in an effort to raise $9.9 million. The funds raised, coupled with existing capital, will be used to recommission the Lerala diamond mine in Botswana and for general operating requirements. Eligible shareholders will be able to purchase one new share for each two existing shares.
Kimberley Diamonds anticipates production from Lerala to be approximately 400,000 carats per year, increasing the company's potential rough diamond production to 700,000 carats annually. The mining company operates the Ellendale mine and Smoke Creek alluvial diamond mine in Australia as well as holds interests in the Slave and Superior Cratons projects in Northwest Territories of Canada.
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Tags:
Diamond mining, Jeff Miller, Kimberley Diamonds, rights offering
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