Paragon raises £257 000
JOHANNESBURG (miningweekly.com) – Aim-listed Paragon Diamonds on Friday said a private placement of 5.7-million shares at 4.5p had netted the Aim-quoted diamond development company £256 825.
The company also planned to issue another 250 000 new shares to advisers for services rendered at a price of 4.5p a share.
“Today's small placement with senior management and new shareholders has been undertaken to incentivise and retain senior management and encourage a wider share base as we build Paragon into a leading global vertically integrated diamond house,” explained Paragon chairperson Philip Falzon Sant Manduca.
The funds would be used to assist with further development of the Lemphane mine, in Lesotho, and to meet working capital requirements.
"We are firmly committed to commencing production at Lemphane by the end of the first quarter of 2015 (subject to financing) and we feel strongly that this is a highly opportune time thanks to favourable diamond market fundamentals,” he said.
Paragon anticipated the strengthening of diamond prices over the next five plus years.
“[Further,] structural changes in the diamond sector will also see a reduced market share for Antwerp, as diamond centres in other parts of the world, including Asia and Dubai, grow.
“By building our own distribution arm for Lemphane's production, Paragon will be fit for purpose to capitalise on these emerging trends,” Sant Manduca concluded.
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