Diamond company Mountain Province has filed a rights offering with the Toronto Stock Exchange in order to raise funds necessary to develop the Gahcho mine, which the firm holds a 49% share in, CNBC reported cited by Israelidiamond.co.il. The company hopes to raise about $47.1 million to pay for initial capital costs.
The offering stipulates that all company shareholders will receive one right per share. Shares can be acquired with six 'rights' plus $3.50.
Shares of Mountain Province went into oversold territory on Wednesday, dropping to 26.8 on the relative strength index. Its shares traded for as little as $4.06, according to Forbes, although its lowest point for the year was $3.05 and its highest was $5.55.
Mountain Province hopes that the permitting process for the Gahcho mine will be completed in 2013. The De Beers Group owns the remaining 51% stake in the mine.
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