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Stellar Diamonds Raises $525K

Feb 26, 2014 8:38 AM   By Deena Taylor
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RAPAPORT... Stellar Diamonds raised $525,016 (GBP 314,914) after two shareholders, Foradex Invest SRL and Hottinger, exercised 28,628,545 warrants at a price of 1.1 pence each.

The funds will be used to further progress being made at the company's Tongo dyke-1 diamond exploration project in Sierra Leone, which is currently undergoing a definitive feasibility study.

Karl Smithson, Stellar Diamonds' CEO, noted that the exercise of the warrants indicated that the company's major shareholders support Stellar's projects, specifically Tongo.  "We are at an exciting juncture in the development of our company as we advance Tongo toward production and look forward to providing regular updates on the progress being made,” Smithson said.

Following admission of the shares on AIM around March 3, Foradex, the company's largest shareholder will hold a 20.77 percent stake in the company, while Hottinger will own a 5.93 stake.
Tags: Deena Taylor, Stellar Diamonds, tongo
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