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DiamondCorp Raises $4M
Mar 31, 2014 2:41 AM
By Deena Taylor
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RAPAPORT... DiamondCorp raised $3.5 million (GBP 2.1 million) through the placement of 41,525,000 ordinary shares at 5 pence each with new and existing institutional and private investors in the U.K. and South Africa. The proceeds will be used to fund corporate overhead during the next two years and for general working capital purposes, the company said.
The placement, which was oversubscribed, consisted of 36,526,000 shares at a price of 5 pence each placed through Panmure Gordon (UK) Ltd. and 5 million shares at a price of ZAR 0.90 each placed through Sasfin Capital.
"We are delighted with the continued support of our existing shareholders and welcome some new shareholders onto our register," said DiamondCorp's CEO, Paul Loudon said.
Loudon noted that the company is in the process of transitioning from a mine developer to a mid-tier diamond producer and will provide regular updates on the work underway to bring its Lace mining project in South Africa to commercial production.
Development of the underground mine, which is managed by DiamondCorp's subsidiary Lace Diamond Mines Ltd., is fully financed. Underground mining at Lace remains within budget and is on track to ramp-up for commercial production in the second half of 2015.
The company expects to report the drilling results for additional kimberlite resources in the Bulge area of the Lace pipe by the middle of 2014.
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Tags:
Deena Taylor, DiamondCorp, Lace Mine
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