Johannesburg – AIM- and JSE- listed southern African diamond mining company DiamondCorp [JSE:DMC] has raised
over £4.2m - or around R59m - after it issued 14% senior secured convertible
The issue totals R40m - around £2.8m - of bonds issued to
investors in SA and £1.4m of bonds issued to investors in the UK.
The miner announced last month it will also receive $6m in a
loan from Laurelton Diamonds‚ a wholly-owned subsidiary of Tiffany & Co.
“The proceeds from the bonds and the Tiffany Loan will allow
the company to meet its initial drawdown condition on the R220m secured project
finance facility signed with the Industrial Development Corporation of SA and
provide total project funding of R320m for the Lace mine development‚ including
a 33% capital contingency‚” the miner said on Tuesday.
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