Diamcor Mining seeks to extend the closing of the second tranche of its non-brokered revised private placement.
The company said last month that the initial offering would be oversubscribed and was seeking additional time to accommodate and conclude the documentation and related required items for several additional interested investors.
It said the second and final tranche of the offering is now expected to close on or before June 27.
The first tranche consisted of 28,1 million units for C$0.05 (US 4 cents) per unit for proceeds of C$1.4 million ($1.02 million).
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.
It will also be used to advance discussions on potential acquisitions of additional opportunities to increase long-term shareholder value and added growth and for general corporate purposes.
The company also plans to continue to advance ongoing discussions with financiers and industry-related parties on additional funding scenarios that may be beneficial in further supporting the above-noted objectives aimed at increasing long-term shareholder value and added growth.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
