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Diamcor's Recent Tenders Achieve $1M

Apr 1, 2014 9:02 AM   By Deena Taylor
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RAPAPORT... Diamcor achieved $1.33 million from the sale of 4,395 carats during two rough diamond tenders held during the company's fourth quarter that ended on March 31, 2014.  Proceeds included the sale of a 43.90-carat diamond that was recovered during the period and sold for $317,924 or an average price of $7,242 per carat.

As of March 31, the company had 1,000 carats of rough diamonds in inventory and those stones will be tendered during the next quarter.

To date, Diamcor has sold 19,807.25 carats for $4.5 million or an average of $229.43 per carat. The company explained that the recovery of all diamonds to date, including those recovered and sold during the fourth quarter, was secondary to ongoing commissioning and testing exercises at its Krone-Endora at Venetia project in South Africa.

Diamcor also reported that it granted incentive stock options to purchase an aggregate 1.3 million common shares to certain officers, directors, employees and consultants. All options are exercisable at a price of $1.40 per share for a period of five years,  which expires on March 31, 2019. The company explained that no shares acquired by exercising these options can be traded prior to August 1, 2014. Following the issuance of these options, the company has outstanding options to purchase an aggregate of 6,768,333 shares.
Tags: Deena Taylor, diamcor, diamonds, Rough Diamonds
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