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Paragon Diamonds Ltd

  • BY: Andrew Hore |
  • POSTED: 01/11/2010 |

Paragon Diamonds Ltd has raised 3.8m in order to finance the development of its projects in Sierra Leone and Tanzania. 

Paragon joined Aim on 1 November following the fundraising at 20p a share. That valued the company at 21.4m. The shares went to a 10% premium on the first day’s trading. At 22p a share, Paragon is valued at 23.5m.

Paragon issued 17.5m worth of shares to Obtala in return for the Konoma alluvial diamond mine in Sierra Leone and 2.5m worth of shares for the Mabuki diamond licence. The latter deal is dependent on the licence renewal and approval for change of ownership.

The net amount raised was 3.18m and this will provide working capital for the Konoma mine. It will also finance exploration in Sierra Leone and Tanzania.

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