No material changes
The company received a mining licence over the Koichab prospect in Namibia and filed to list on Nasdaq with initial SEC approval.
Namibian mining licence received
Namibia's Ministry of Mines and Energy has granted the company a 15 year mining licence over the Koichab prospect within its Luderitz Bay grant.
6mo results
The company reported a $1,822,000 loss for the six months ended November 30 1996 and signed a deal with SubSea Offshore to build the NAMSSOL marine diamond mining system.
Appeal against Benco unsuccessful
Namco's appeal against Benco failed on a 3:2 split decision by five judges of the Appellate division of the Supreme Court of South Africa.
Agreement with SubSea Offshore; Luderitz Bay Grant mining licence filed
Namco signed a US$20 million agreement with SubSea Offshore Limited to build a marine diamond mining system and filed for a mining licence over its Luderitz Bay Grant in Namibia.
3mo results
For the three months ended August 31, 1996, the company posted a loss of $744,000, or $0.03 per share, compared to $251,000, or $0.01 per share, in 1995.
Receipt for final prospectus received
The company received a final prospectus receipt from the Ontario and BC Securities Commissions qualifying 2,000,000 common shares and 1,000,000 warrants for distribution.
Directors like poison pill
The company's board unanimously ratified continuing the shareholder rights plan first adopted in February 1995.
Year end results; inferred resource increased to 2,600,000 carats
The company's independent consultants raised the inferred diamond resource estimate to 2,600,000 carats for the year ended May 31, 1996, while reporting a net loss of $1,651,000.
$17 million special warrant financing completed
The company completed a $17 million special warrant financing, issuing two million warrants at $8.50 each through Yorkton Securities and Sprott Securities.