Key points
- Loss for the six months ended November 30 1996 was $1,822,000 ($0.06 per share), compared with $809,000 ($0.03 per share) in 1995.
- Cash and short term investments totalled $19,524,000, up from $9,574,000 in 1995, after the company raised net proceeds of $16,004,000 from two million special warrants at $8.50.
- The company concluded an agreement with SubSea Offshore to design and construct the NAMSSOL marine diamond mining system, estimated to cost US$16 million, with commercial production scheduled for the third quarter of 1997.
- The company identified further potential of an additional 406,000 carats in part of its Hottentot Bay concession.
Income for the six months ended November 30 1996 was $620,000, compared to $731,000 in 1995. Loss for the six months was $1,822,000, compared to $809,000 in 1995. The loss per share was $0.06, compared to $0.03 in 1995.
Resource property costs were $4,075,000, compared to $6,880,000 in 1995. At the end of the period total cash and short term investments totalled $19,524,000, compared to $9,574,000 in 1995.
During the period the company completed the issue of two million special warrants at $8.50 to raise net costs of $16,004,000. The special warrants have been exercised and two million shares and one million warrants exercisable at $1.00 by June 1997 have been issued.
The company has concluded an agreement with SubSea Offshore for the design and construction of a marine diamond mining system, the NAMSSOL.
The estimated cost of the project, based on the long term charter of one vessel, including commissioning and sea trial costs, is US$16 million.
Commercial production is scheduled to begin in the third quarter of 1997.
The company has identified further potential in part of its Hottentot Bay concession of an additional 406,000 carats.
