Kopane Diamond Developments (AIM: KDD), the diamond producer, announced its intention to raise up to £7 million by placing 70 million shares at 10 pence per share. Assuming the placing is fully subscribed, the placing would represent 63.8% of the current share capital.
Kopane expects net proceeds to be in the region of £6.6 million, which will be used to complete a definitive feasibility study and other studies on the Main Pipe, before the company embarks on financing for the development of the mine, which is anticipated to occur in the first half of 2009.