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DiamondCorp No Longer Up For Sale
Nov 9, 2016 9:53 AM
By Rapaport News
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RAPAPORT... DiamondCorp shelved plans for a sale or merger, after rejecting
offers that it deemed undervalued the company.
The company terminated a formal sale process after turning
down a cash takeover bid. The development
comes after DiamondCorp said last month it urgently needs about $619,075 (GBP
500,000) to meet immediate funding requirements.
The approaches were “opportunistic and significantly
undervalued the company,” the miner said. It also received proposals of various
financing options.
“The various
interested parties, which have reviewed the company's technical data and
visited the Lace mine all recognized the technical strength,” DiamondCorp said.
The Lace diamond mine in South Africa holds an estimated
9.39 million carats, with an “in-ground” value of more than $1.5 billion, the
company added.
In October, DiamondCorp said it concluded a
financing facility with investment manager and shareholder Rasmala totalling $866,705 to
satisfy immediate funding needs.
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Tags:
DiamondCorp, M&A, mergers and acquisitions, mining, Rapaport News, Rasmala, South Africa
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