The shares will be issued at around 4p through a bookbuilding exercise by Panmure Gordon with a warrant attached that can be exercised at 1p.
A condition of the placing is that a labour agreement is reached with the AMCU union over back wages and staff reductions, without which the miner said it faces insolvency.
If it can conclude the placing, the next phase will start to ramp up operations at Lace again.
That will see more money raised and a new management team join the company
Diamondcorp is Lace’s largest creditor with £36mln owed through a subordinated loan.
South Africa’s IDC is the next largest creditor with an £18mln project loan.
Diamondcorp shares will remain suspended until the Business Rescue process is concluded.