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Diamcor Closes Financing, Resumes Diamond Tender
Aug. 30, 2018 07:38AM PST
Gem InvestingDiamcor is diamond exploration and production company with an ongoing project in South Africa.
Diamcor Mining (TSXV.DMI,OTCQB:DMIFF), has announced the closing of the first tranche of its revised non-brokered private placement of units for gross proceeds totaling C$2,000,582.50, the company has now also closed a second and final tranche of the financing resulting in the issuance of 3,510,315 additional units for proceeds totaling C$1,228,610.25.
As quoted from the press release:
The proceeds of the second and final tranche, along with the proceeds from the tendering of rough diamonds as discussed below, will allow the company to continue to proceed with efforts to improve recoveries of water from the project’s settling dams to support planned increases in processing volumes at the project for the long-term. The second and final closing of the revised offering is subject to the approval of the TSX Venture Exchange as noted, along with completion of all definitive documentation and filings as required. As noted, additional securities issued pursuant to the revised offering will be subject to a hold period of four months plus one day following the date of their issuance.
Rough Diamond Tender Update
The company is pleased to announce that processing through the previously announced initial screening modifications made to the company’s Krone-Endora at Venetia facilities are meeting management expectations, and a total of 2,618.79 carats of rough diamonds recovered from initial day-shift only processing over a period of three weeks have been delivered to Antwerp for tender in the coming week. Rough diamonds tendered will include the previously announced +10.8 carat special category rough diamonds recovered during the same period.
“Our revised facilities are demonstrating their effectiveness in reducing the fines issue, and the results of initial processing, along with the recovery of larger special rough diamonds, is promising”, noted Diamcor CEO Mr. Taylor. “A two-staged approach of first refining the facilities’ crushing and screening efficiencies prior to the installation of paste thickening is proving effective, as it is providing us with the ability to increase processing volumes as expected, with the results of those efforts aimed at reducing the relative size of the paste thickener, and the associated costs, for the long-term.”