Photo by: Bloomberg
JOHANNESBURG (miningweekly.com) – Dual-listed DiamondCorp on Monday said its oversubscribed open offer had raised £5.27-million.
The Southern Africa-focused diamond development, exploration and mining company last month issued an open offer for nearly 21-million new ordinary shares to eligible shareholders at 10p apiece.
Eligible shareholders in respect of their basic entitlements, in aggregate, opted for 13.4-million shares – or 64% of the open offer shares available – with 7.5-million shares available to the excess application facility.
DiamondCorp chairperson Euan Worthington said valid applications from eligible shareholders pursuant to the excess application facility had been received for 36.8-million excess shares – 4.9 times the excess shares available.
Eligible shareholders were set to receive about 20.4% of their application under the excess application facility.
“The board is very pleased at the high level of oversubscription for the open offer and that the majority of shareholders have been able to participate on the same terms as the recent placing to institutions,” Worthington commented.
The company expected the admission of the 20.9-million new shares to become effective July 7, leaving the company with a total of 376-million shares in issue.