Kimberley Diamonds raises $4 million to partially pay debt
Monday, 27 June 2016 18:29
ASX-listed miner Kimberley Diamonds which operates the Lerala diamond mine in Botswana has raised $4 million to pay part of the $13 million it owes China-based auction house, Zhejiang Huitong Auction.
To mobilize these funds, the firm issued 40 million ordinary shares at $0.10 per share. It issued another 7 million shares to pay interests associated with the same debt.
Kimberley Diamonds on its fully owned Lerala project started in May diamond production after completing open-pit mining. Once in full production, the firm plans to process 1.4 million tons per annum average for an annual production of 357,000 ct.
Live News
-
Measles Cases Drop 80%, Ethiopia's Marburg Response and Cholera in DRC (Weekly Health Update)
17:59
-
Access Holdings Plans ₦40B Capital Raise Ahead of Recapitalization Deadline
17:17
-
Impact Funds Now Manage Up to $80 Billion Across Africa, Report Shows
17:12
-
Major Tech Reforms Needed for Francophone SSA to Attract More Investment, Report Says
17:02
-
Zambia Unveils National Strategy to Protect Young Internet Users
06:18
-
Togo’s Edomatch Targets Faster Hiring With Mobile Recruitment Platform
06:09
-
Hussein Wahdan Automates Enterprise HR Management
06:00
-
FSD Africa Rolls Out $30Mln Fund for African Insurtech Innovators
14:14
-
CHR Lomé-Commune Commissions New Medical Scanner
13:56
-
Access Bank, in Partnership with IFC and AGF, launches Cameroon’s First-Ever Womenpreneur Pitch-A-Ton
13:42
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
Government, ESCWA, and experts meet to shape national framework Plan aims to fight corruption, c...
Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
This week in African health news: Global measles cases have dropped nearly 80 percent since 2000, but major challenges remain across the continent....
Access Holdings to seek shareholder approval for ₦40B private placement on Dec 18 Deal aims to boost capital base amid new CBN recapitalization rules...
Impact funds in Africa manage $70-80B; half operate solely on the continent 124 of 250 identified funds invest exclusively in Africa, FERDI...
Francophone Sub-Saharan Africa hosts 860+ startups but faces deep structural weaknesses EY urges reforms in governance, talent, finance and R&D to...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...