Diamcor Mining says it raised about CND$3 million from two tranches of convertible loan financing for the continued advancement of the work programmes previously underway before the COVID-19 related shut down at its Krone-Endora at Venetia Project, in South Africa.
It said the proceeds from the financing will also be used for general corporate purposes.
The first tranche of its financing recorded gross cash proceeds totalling CDN$954,500 while the second and final tranche of the financing raised additional gross proceeds just above CDN$2 million.
Diamcor said the majority of the subscribers were existing long-term shareholders, management, and directors of the company.
"We are pleased to close this financing with operations now resuming after the significant period of lockdown imposed in South Africa due to COVID-19 restrictions," said Diamcor chief executive Dean Taylor.
"This allows the company to focus on executing our plan to increase processing volumes in 2021 and capitalise on the operational optimizations completed earlier this year".
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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