Newfield Resources has raised about A$25 million to continue with the development of its Tongo diamond project in Sierra Leone into production.
It said 71.3 million shares were subscribed under the offer for 35 cents per new share.
Newfield recorded a shortfall from the rights offer of about 74 million shares worth close to A$26 million.
The shortfall to the rights issue was offered to eligible shareholders and new investors at the same issue price of 35 cents per new share.
“The directors, in conjunction with the lead manager, will now work on placing the shortfall to new investors within three months from the closing date…,” it said.
Based on the reserves-only model from the front end engineering and design (FEED) study, the Tongo mine development is expected to deliver a diamond mining operation with 1.1 million carats initial ore reserve and an initial eight-year life with peak annual diamond production of about 250,000 carats forecast in the fifth year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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