Key points
- Yorkton Securities acted as investment bankers and brokers on the placement.
- $6,000,000 of proceeds will fund surveying, assessment, exploration and bulk sampling on the company’s offshore diamond concessions.
- $9,000,000 will finance capital items and working capital during the initial stages of development.
- The vessel HV Fox began a 100-day geophysical survey covering 1,035 square km off Namibia following the December 4, 1993 opening of marine operations.
The company has completed a brokered private placement of 4,700,000 units at $3.25. Yorkton Securities acted as investment bankers and brokers.
Total proceeds were $15,275,000 of which $6,000,000 will be used to finance surveying, assessment, exploration and bulk sampling programs on the company’s concession. A further $9,000,000 will be used to finance expenditures on capital items and working capital requirements during the initial stages of development.
The company owns the exclusive rights to prospect for precious stones within three offshore diamond concession ares in the territorial waters off the west coast of Namibia and South Africa. On December 4 1993 the company’s marine operations in Namibia were officially opened and its vessel, HV Fox, has begun an extensive geophysical survey covering 1,035 square km. The survey is scheduled to ta e 100 days to be followed by fulk sampling which will begin mid year.
Namco, in conjunction with the ministry of mines and energy, is spo soring an institutional investors trip to Namibia in early February.
The company has agreed to use its best efforts to qualify the aforementioned units by way of filing an SMF with the VSE.
