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DiamondCorp

  • BY: Andrew Hore |
  • POSTED: 03/11/2009 |

DiamondCorp has finally secured some cash but it will not last for another 12 months.

The diamond miner is raising up to £600,000 at 10p a share. Directors intend to buy 340,000 shares. The commission is 5% and there is also a 5% broker warrant at the placing price which is exercisable over the 36 months after the shares are issued.

This cash call could reduce the net asset value per share from 30p to 27.4p, although net tangible assets will remain at 9.5p a share.

DiamondCorp shares are trading at 19p each, which values the existing share capital at £7.05m.

The cash will provide working capital and may enable DiamondCorp to complete the drilling programme at the Jwaneng South kimberlite exploration project in Botswana.

More cash will need to be raised in 2010.

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