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Merlin Diamonds Raises $2M to Develop Northern Territory Mine
Feb 17, 2014 5:56 AM
By Deena Taylor
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RAPAPORT... Merlin Diamonds raised $1.76 million (AUD 1.95 million) through the placement of 26 million ordinary shares at a price of 7.5 cents each with Singapore-based Blumont group.
Proceeds from the placement will be used to further develop the company's Merlin diamond mine in Australia's Northern Territory.
On completion of the settlement, which is scheduled to be finalized by the end of March 2014, Blumont will hold a 10.9 percent stake in the company.
The Merlin diamond mine recommenced production in 2013. It is renowned for producing top-quality white, yellow, cognac and champagne diamonds as well as Australia’s largest diamond, a 104.73-carat diamond. The mine contains an estimated resource of 7.2 million carats, making it the second-largest diamond reserve in Australia after Rio Tinto's Argyle diamond mine. Pre-feasibility production trials have recovered 10,600 carats of diamonds, valued at $351 per carat.
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Tags:
Australia, Blumont Group, Deena Taylor, diamonds, Merlin Diamonds, Northern Territory
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