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Stellar raises £314 914, allocated to further progress flagship mine

26th February 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Aim-listed diamond development company Stellar Diamonds on Wednesday announced that it had raised £314 914 following the exercise of about 28.63-million warrants at a price of 1.1p each by existing investors Foradex Invest and Hottinger.

The funds raised would be used to further progress the company’s flagship 1.1-million-carat resource Tongo Dyke-1 kimberlite project, in Sierra Leone, which was currently undergoing a definitive feasibility study (DFS).

“The exercise of these warrants underpins the supportive nature of our major shareholders and the prospectivity of our project portfolio, particularly Tongo, where recent results from bulk sampling taken for the DFS were outstanding and confirmed the continued high-grade nature of the 1.1-million-carat resource. We are at an exciting juncture in the development of our company, as we advance Tongo towards production, and look forward to providing regular updates on the progress being made,” Stellar CE Karl Smithson commented.

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Edited by Tracy Klückow
Creamer Media Contributing Editor

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