Gem International Resources Inc (CVE:GI) now plans to raise $600,000 rather than $500,000 in a placing at 5 cents each.
Each unit will consist of one share and one share purchase warrant, granting the purchase of a further share within two years at 15 cents each.
This week the firm said it had changed its earn-in arrangement at the Dala diamond project in Angola.
The rights now include exploration and exploitation for kimberlites as well as alluvial diamonds.
Numerous magnetic kimberlite targets remain untested at Dala and an extensive data base exists, Gem added.
Six kimberlite pipes have already been identified by other operators but have seen only limited exploration.
The new terms will see Gem International acquire 88% of Angolan associate Global Gem's 45% interest in Dala by paying US$1mln (in three tranches) over the years 3-5 following acquisition. Global Gems’ owners will also be entitled to 10mln shares in each of the same years.
Gem International must also spend US$13mln on exploration and development over 5 years. The first US$3mln of this is due by 31 May.
It has already given Global Gems US$300,000 as start-up capital, which will be credited against first year expenditures.