Stellar Diamonds Raises 1 Million Pounds for Baole Project

Stellar Diamonds plc (LSE:STEL) announced that it has raised about 1.03 million pounds for its Baoulé project in Guinea. The funds will be used for trial mining at Baoulé and for working capital purposes.

As quoted in the press release:

Stellar Diamonds plc, the AIM quoted (AIM: STEL) diamond mining and exploration company focused on West Africa, announces that the Company has raised approximately £1 million through the issue of 88,362,066 new ordinary shares of 1p each (the ‘New Ordinary Shares’) at 1.16p per share (‘Issue Price’) to directors, existing private shareholders and new institutional investors (the ‘Fundraising’). The Fundraising has been conducted in conjunction with Daniel Stewart & Company plc.

Stellar Diamonds’ CEO, Karl Smithson, stated:

With revenues from our first diamond sale of a 5 900 ct parcel expected in the near term, this placement strengthens the company’s balance sheet at a time when capital markets in the junior sector are notoriously weak.

It also underscores the support of our existing shareholders, most notably UBS Deutschland, and our directors, many of who are participating. We are also pleased to welcome new shareholders to the company at this exciting juncture in our growth and development.

Click here for the full Stellar Diamonds plc (LSE:STEL) press release