Diamcor Mining has closed the first tranche of $1,4 million of its non-brokered private placement following receipt of conditional acceptance of the offering from the TSX Venture Exchange (TSX).
The company said it now anticipates the offering will be oversubscribed and has increased the total amount of the original Offering from $1,5 million to an aggregate of up to $2,5 million, with a second and final tranche closing expected to close on or before June 15, 2024.
Existing insiders, including management and directors, have subscribed for an aggregate of $600,000 in the first tranche of the offering, it said.
The first tranche consists of 28,120,000 units at a price of CND $0.05 per unit.
Diamcor said proceeds from the offering will be used for the continued advancement of the company’s Krone-Endora at Venetia Project in South Africa, the work programmes currently underway, and the announced efforts surrounding drilling and bulk sampling on the greater portions of the Project.
The company also plans to continue to advance ongoing discussions with financiers and industry-related parties on additional funding scenarios.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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