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Petra Diamonds shareholders back rights issue

Petra Diamonds Ltd. on June 13 announced the voting results from its special general meeting the same day, with 99% of shareholder votes supporting the approximately US$170 million rights issue announced in late May.

The group said in May that its financial position had been weakened by the delay in bringing online a new plant at the Cullinan project in South Africa, which had a knock-on impact on its ability to ramp up production at the new C-Cut Block Cave there and resulted in an operating cash flow deficit of about US$130 million.

Final results of the rights issue take-up are expected at the end of June.