LSE-listed Stella Diamonds with diamond mines in Sierra Leone, announced last Monday that it intends to raise £530,000 to finance its Tongo-Tonguma project in the country.
The fundraising will take place in two steps. The first which will result in the mobilization of £330,000 will occur through the placement of 10.15 million new ordinary shares at a unit price of 3.25 pence, while in the second, £200,000 will be raised by issuing 6.1 million shares at 3.25p per share.
The firm plans to use proceeds of the operation to partly pay for environmental licence for Tongo, enabling it to get operating permit for the project. Besides, the money will be used to renew Tonguma’s licence and meet working capital needs for the Tongo-Tonguma project as well as reimburse some of its lenders.
In addition to Sierra Leone, Stellar Diamonds is also active on a kimberlite project in Guinea, and holds some exploration licences in Liberia.
Louis-Nino Kansoun
DRC minister visited Huawei China center to boost AI training cooperation Talks focused on launch...
DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...
China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...
Ghana to allocate $2.8B in 2026 budget for major road infrastructure push Funding targ...
Powered exclusively by Rolls-Royce Trent 7000, delivering 14 % lower fuel burn per seat and f...
Senegal plans CFA427 billion ($750.7 million) in agricultural spending for 2026, up 37.88% from 2025. The increase stems mainly from new planned...
The move, which gives African cocoa and coffee producers a reprieve, was driven by internal E.U. pressure and technical delays, drawing criticism from...
Namibia inaugurated its first telecom tower financed by the Universal Service Fund (USF) to extend 4G coverage to underserved rural areas. The...
Airtel launches a 4G smartphone financing plan with Itel’s entry-level A50 Customers pay in weekly installments via SmartCash after a...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...
Singita will invest $60m to build a 60-bed lodge on Santa Carolina Island and $42m in projects across the Bazaruto Archipelago. The...