Sea trials continuing
The company completed initial sea trials of its NamSSol seabed crawler in the North Sea and placed US$5,000,000 of 6% exchangeable subordinated debentures with European investors.
3mo results
Company reported income of US$446,000 and a loss of US$335,000 for the three months ended August 31 1997, as its NamSSol diamond mining system neared completion.
Year end results
The company reported a net loss of C$4,089,000 for the year ended May 31 1997 as it advanced its offshore Namibia diamond mining project toward a fourth-quarter 1997 start.
$20,789,700 financing completed
The company completed an issue of 3,930,000 shares for gross proceeds of $20,789,700 to fund mine commissioning and exploration.
Offering to raise $20.8 million
Namibian Minerals Corporation (NAMCO) signed an underwriting agreement to sell 3,930,000 common shares at $5.29 each, raising $20,789,700 in a public offering.
Warrants extended
The company executed a supplemental indenture extending the exercise period of one million $11 warrants from June 26, 1997 to as late as June 26, 1998.
Proposed common stock offering
The company has filed a preliminary prospectus in Canada and a registration statement with the US SEC for a proposed public offering of its common shares.
Third quarter results: Namibia project progress
The company reported a nine-month loss of $2,573,000 as its Namibia seabed mining project advanced toward third-quarter 1997 commissioning.
Nasdaq listing
The company's application to list its shares on the Nasdaq Stock Exchange has been approved.
African operations expand
Namco has acquired diamond concession interests in Angola and Zaire while advancing its Namibian marine diamond mining project, including a new 15-year mining licence at Koichab.