DiamondCorp Fundraising Removes Debt Ahead of Lace Mine Development Plans

Business Insider reported  Diamondcorp (LSE:DCP) has raised £2.05 million before expenses on its Lace mine.

As quoted in the market news,

…a share placing priced at 6.5p per share. The placing price was at a discount of 8.8 percent to the company’s closing price of 7.125p earlier this week and the shares fell back by 5.7% to 6.125p during trading today. DiamondCorp said the new cash would be used to retire £1.3 million of debt and accrued interest owed to Africa Opportunity Fund LP and to fund corporate overheads and general working capital. The loan with Africa Opportunity had been secured by the company’s equity interest in the Lace diamond mine in South Africa.

Click here to read the full Business Insider report.