(Ecofin Agency) - Diamond Mining (Diamcor) has successfully closed a private placement through which it raised C$5.82 million ($4,440,197).

To achieve this, the firm issued 4.54 million units at C$1.1 per unit thus making a total of C$5 million. In addition, 746,090 units were issued as part of an over-allotment option for a total of C$820,699.

While announcing the placement at the end of August, Diamcor said it would use its proceeds to buy additional work equipment and materials to advance Krone-Endora project, and also for general and administrative ends.

The Krone-Endora project includes exploration licences for Krone 104 and Endora 66, which cover around 5,888 ha contiguous with De Beers’ Venetia Diamond Mine in South Africa.