TSX-listed junior diamond miner Diamcor Mining says it continues to achieve significant results in this quarter’s initial tender and sale of rough diamonds recovered from the processing of quarry material through its recently upgraded processing facilities at the Krone-Endora at Venetia project in South Africa.
The sale, completed just weeks into the quarter, resulted in the sale of 2 516.91 ct of rough diamonds at an average price of $192.07/ct, generating gross revenues of $483 422.14.
The company is targeting two additional tender and sales during the quarter in conjunction with the company’s long-standing associates, Koin International, at its new tender facilities in Dubai, in the United Arab Emirates.
“We are very pleased with the results of this tender and sale in just the first two weeks of this quarter.
“In addition to these excellent results and positive start to the quarter, the recently completed phase one upgrades are continuing to demonstrate their potential for even further increases in processing volumes over the coming weeks,” says CEO Dean Taylor.
Meanwhile, further to the warrant amendments announced in the company’s news releases dated June 4 and August 6, the required accelerated expiry provision in the amended warrant terms has been triggered by virtue of the closing price of the company’s shares having exceeded $0.375 for ten consecutive trading days.
The tenth premium trading day occurred on October 19.
Accordingly, in accordance with TSX-Venture Exchange policy, a reduced exercise period of 30 days will begin on October 21. As a result, the amended warrants will now expire on November 20.
The first of two tranches of warrants affected by the automatic acceleration of the expiry date is 2.9-million warrants issued pursuant to a private placement financing by the company that closed in June 2018 which were issued at $0.60 with an expiry date of June 20 and were subsequently repriced to $0.30 and extended up to a year.
The second tranche involves 1.8-million warrants issued pursuant to a private placement financing by the company that closed in August 2018 which were issued at $0.60 with an expiry date of August 29 and were subsequently repriced to $0.30 and extended up to a year.
The new expiry date of the warrants listed above is November 20. Any warrants that are unexercised will expire and be cancelled on November 20.