Diamcor launches placement to cover opex after rain delays production
TORONTO (miningweekly.com) – Emerging South Africa-focused diamond producer Diamcor Mining on Tuesday launched a nonbrokered private placement for up to $1.87-million to support operations at its flagship Krone-Endora at Venetia project, in the Limpopo province, after record rainfall limited production during the first quarter.
Diamcor said the placement would consist of about 1.5-million units at a price of $1.25 each. Each unit would comprise one common share and half a common share purchase warrant, and each whole warrant would entitle the holder to buy a share at a strike price of $1.75 for a period of 36 months after the date it was issued.
The offering was still subject to regulatory approval by the TSX-V.
British Columbia-based Diamcor said the Limpopo province experienced heavy rainfall during the first quarter at levels that had not been recorded in the area for over 200 years. This rainfall had limited the company's ability to process material to meet short-term targets, as well as its ability to complete the sale of rough diamonds and secure revenues as expected during the period.
The diamond miner said operations were now returning to normal, adding that the proceeds from the offering would be used as operating capital to support the continued development of the project, the planned ramping up of operations that were currently under way, the continued processing of material aimed at recovering additional rough diamonds for planned sales in the short term, as well as for general corporate purposes.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
