Key points
- The placement comprised 1.75 million shares placed with the Rochford Trust at $4.00 per share.
- A further 500,000 shares were placed mainly with institutions in Namibia and South Africa at $4.30 per share.
- Proceeds will fund further assessment of the Luderitz Bay discovery, expansion of the sampling program, and development of the mining phase scheduled to begin in the first quarter of 1997.
- The company has recovered 2,485 diamonds weighing 875.89 carats, an average of 0.35 carats per stone, from Luderitz.
The company has officially completed the issue of 2.25 million shares on a private placement basis. The issue raised an additional $9.15 million. 1.75 million shares were placed with the Rochford Trust at a net
price of $4.00 per share. 500,000 shares were primarily placed with institutions in Namibia and South Africa at $4.30 per share. This placement was well subscribed.
Proceeds will be allocated to further assessment of its Luderitz Bay discovery and to extending the sampling program into additional prospective areas. Funds will also be allocated to the design, development and construction of the mining phase scheduled to
begin operation in first quarter 1997.
Recent highly positive results in the Luderitz Bay grant have continued.
The company has recovered 2,485 diamonds weighing 875.89 carats (average stone size 0.35 carats) from Luderitz and is confident that this will increase over the coming weeks.
