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
Exclusive
Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets
Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.
16 september 2024
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
