Gem International Resources Inc (CVE:GI) has further increased its offering announced last month and now plans to raise up to $900,000 by selling up to 18mln units.
They will be sold at $0.05 per unit, the firm said.
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.
Earlier this year, the group 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.
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.