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DiamondCorp on verge of bankruptcy

DiamondCorp Plc could be placed under administration after the business rescue practitioner for its Lace Diamond Mines Pty. Ltd. unit failed to reach an agreement with a secured lender over obligations relating to DiamondCorp's recently closed £1 million placing, the company said in a Jan. 25 statement.

The financing was launched earlier this month to stave off DiamondCorp's impending bankruptcy and fund costs relating to care, maintenance and remediation of the Lace diamond mine in South Africa, the operating unit's ongoing business rescue process and a cash settlement for a labor deal.

DiamondCorp's placement was subject to conditions, including the company securing a labor agreement with the Association of Mining & Construction Union for retrenchments and outstanding wages and the admission of placement shares by Jan. 25.

Because business rescue practitioner Deloitte & Touche and the secured lender, Industrial Development Corp. of South Africa, or IDC, have yet to reach an agreement, DiamondCorp's board decided to delay the admission of the placement shares to the London Stock Exchange's AIM to Jan. 31.

Meanwhile, the miner has reached an agreement in principle with the AMCU.

The union and the IDC now have until Jan. 30 to finalize their respective deals with the company as a result of the delayed admission of the placement shares. All other terms of the financing remain unchanged.

DiamondCorp raised about £1 million through the placement of 25,412,582 common shares, with 1 attaching warrant per share, at 4 pence apiece.

The Lace mine remains nonoperational pending funding to start the care and maintenance process.