Johannesburg - DiamondCorp (DMC)‚ the AIM and JSE listed southern African diamond mine development and exploration company has raised over GBP4.2 million rand - or around R59 million - after it issued 14% senior secured convertible bonds.
The issue totals R40 million - around GBP 2.8 million - of bonds issued to investors in SA and GBP1.4 million of bonds issued to investors in the UK.
The miner announced last month it will also receive US$6 million in a loan from Laurelton Diamonds‚ a wholly-owned subsidiary of Tiffany & Co.
“The proceeds from the Bonds and the Tiffany Loan will allow the Company to meet its initial drawdown condition on the R220 million secured project finance facility signed with the Industrial Development Corporation of SA and provide total project funding of R320 million for the Lace mine development‚ including a 33% capital contingency‚” the miner said on Tuesday. - I-Net Bridge