VANCOUVER (miningweekly.com) – Explorer Diamcor Mining has launched a nonbrokered private placement worth C$5-million in an effort to address the insufficient recoveries of water from the settling dams at its Krone-Endora at Venetia project, in South Africa's Northern Cape province.
The TSX-V-listed miner is finalising installation of a paste thickening plant and associated operational equipment that will help to lift project output. Other portions of the capital will be used to advance additional bulk sampling efforts into surrounding areas, and for general and administrative purposes.
In connection with the deal, Diamcor offers up to 12.5-million units at C$0.40 each, with each unit comprising one common share, and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to buy one share at an exercise price of C$0.60 for a period of 36 months following the date of issuance.
The company said it has received initial subscription commitments for the offering from existing institutional and larger shareholders.