Key points
- Yorkton Securities will place 4.7 million units at $3.25 per unit for total proceeds of $15,275,000, each unit comprising one share and one half warrant.
- Each full warrant is exercisable for two years at $4.00 in year one and $4.50 in year two, and Yorkton will receive a 7.5% fee payable in units.
- The company has agreed with Alluvial Mining of the UK, a subsidiary of Royal Boskalis Westminster NV of the Netherlands, to conduct a 5,000km survey of its marine diamond concessions in Namibia’s Luderitz and Hottentots Bay areas and South Africa’s 12b concession.
- The ex-Royal Navy hydrographic vessel MV Fox has been chartered for a 100-day survey beginning in November, and Namco is the first company since Namibia’s February 1990 independence to be granted significant marine diamond concessions.
The company has arranged a brokered private placement with Yorkton Securities of 4.7 million units at $3.25 for $15,275,000. Each unit will consist of one share and one half warrant. Each full warrant is exercisable for two years at $4.00 in the first year and $4.50 in the second year. Yorkton Securities will receive a fee of 7.5% payable in units. The company has agreed to file a statement of material facts within 120 days with the VSE to qualify these units.
Proceeds will be used to fund a three phased program, phase I, geophysical surveying as described below, phase II, preliminary trial mining and bulk sampling and phase III, the leasing and equipping of a production vessel.
The company has entered into agreement with Alluvial Mining of the UK, a subsidiary of Royal Boskalis Westminster NV of The Netherlands, to undertake a 5,000km survey of its marine diamond concessions in Namibia (Luderitz and Hottentots Bay) and in South Africa (12b).
An ex-Royal navy hydrographic vessel, MV Fox has been chartered for the estimated 100 day survey commencing in November. The latest technical equipment, computer interpretation and retrieval systems will be employed, together with coring analysis for total ground proofing of the area.
Namco is the first company since the Republic of Namibia’s independence in February 1990 to have been granted significant marine diamond concessions.
