Diamcor Mining Inc. is planning a private placement to raise up to C$5 million to optimize its Krone-Endora at Venetia diamond operations in South Africa.
The nonbrokered offering will comprise up to 12.5 million units priced at 40 cents apiece, with each unit to include 1 common share and a half of a share purchase warrant. Each warrant will be exercisable at 60 cents per share for 36 months.
Diamcor will use the proceeds to improve recoveries of water from the settling dams at Krone-Endora at Venetia by finalizing the installation of a paste-thickening plant and other equipment focused on increasing processing rates.
Funds will also go toward advancing additional bulk sampling work and for general and administrative purposes.
