News

Advanced Search

Namakwa's Offering to Raise $55M

Jun 28, 2012 8:06 AM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Namakwa Diamonds expects to raise approximately $55 million after shareholders approved issuing more shares. Funds were expected to pay down debt and  provide working capital. The diamond-mining junior expects to repay approximately $45 million in debt.

"During the first half of this year, we have been focused on ramping up production at the Kao mine to achieve a positive cash flow in the fourth quarter of this year,” said Namakwa's chief executive Richard Collocott. “I am happy to report that current trading is in line with our expectations. However, it has become increasingly apparent that the financial performance and position of the group depends on the repayment of existing loans.'' 

Namakwa's largest shareholder, Jarvine Limited, approved the share offering and agreed to subscribe for all of the shares if other qualifying shareholders don’t subscribe.

Tags: diamonds, Jeff Miller, namakwa, offering, shares
Similar Articles
zim smZimbabwe May Allow Only Two Miners in the Marange
Apr 24, 2014
(RAPAPORT) Herald: Zimbabwe informed diamond companies in Marange that only...
Similar Videos
Explorers Jump Start Projects, Damas Designs for Spring
Jan 30, 2013
Gemfields completed its acquisition of Faberge this week. Emerald production...
fluor Fluor Completes Jwaneng... diamonds Diamond Explorers Update... IDCMR Martin Rapaport Presentation...
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2014 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.