https://www.miningweekly.com
Africa|Mining|PROJECT|Drilling
Africa|Mining|PROJECT|Drilling
africa|mining|project|drilling

Diamcor announces C$2m note issuance

18th January 2024

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

TSX-V-listed Diamcor Mining has announced its intention to complete a convertible loan financing of up to C$2-million consisting of unsecured convertible promissory notes.

The company expects that C$1.25-million of the financing will be subscribed for by existing large shareholders and management of the company.

The notes will be payable 12 months from the date of closing.

The principal amount of the notes will be convertible at the election of the noteholder into common shares of the company at any time up to the maturity date at a rate of C$0.10 apiece.

Additionally, Diamcor will issue non-transferable share purchase warrants to eligible participating investors with each share purchase warrant entitling the holder to buy one common share of the company at a price of C$0.15 apiece for two years from the date of issuance.

Diamcor will use the proceeds from the financing towards increasing processing volumes at the Krone-Endora at Venetia diamond mining project, in South Africa, as well as to undertake drilling and bulk sampling on the greater portions of the project.

While the company plans to continue ongoing discussions with financiers and industry-related parties on additional funding scenarios which may be beneficial in increasing long-term shareholder value and added growth, Diamcor will not be proceeding with the term loan financing of up to C$5-million as previously announced in October last year.  

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.124 0.163s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: