DiamondCorp extends placing deadline

2017-01-31 08:19:00
Diamondcorp has allowed extra time for the completion of a recently announced placing, as negotiations in South Africa continue
Underground at the Lace mine

The conditions to DiamondCorp PLC’s (LON:DCP) most recent placing have not yet been met, the company has admitted.

Discussions with the Industrial Development Corporation of South Africa (IDC), and the agreement in principle reached with the Association of Mining & Construction Union last week is progressing, although not yet concluded.

Accordingly, DiamondCorp and broker Panmure Gordon have amended the Placing Agreement, and the fundraising is now conditional on admission of the new shares by 14 February, although a backstop date of 28 February has also been allowed for.

 

The rest of the terms of the placing remain the same, and DiamondCorp’s shares remain suspended, following the impact of catastrophic weather conditions on the company’s Lace mine in South Africa.