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DiamondCorp raises R59m in bond issue

Dec 18 2012 08:36
I-Net Bridge

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 bonds. 

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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