In the media

DiamondCorp finds final piece of Lace Mine's funding jigsaw

17 December 2012

Source: www.proactiveinvestors.co.uk

Author: Jamie Ashcroft

DiamondCorp (LON:DCP) has found the final piece in the funding jigsaw for its Lace Mine in South Africa having agreed to raise £4.2mln via senior secured convertible bonds.

The debt, which carries a coupon of 14%, was issued to investors in South Africa and the UK.

Along with loans from a subsidiary of jeweller Tiffany and the Industrial Development Corporation, it now has the cash required to push on with the 1.2 million tonne a year block cave development at Lace.

Chief executive Paul Loudon said: "We are very pleased to have arranged the funding required for the Lace underground development in a period of extremely challenging capital markets.

“The bond issue is the last piece of the funding jigsaw and will allow the company to unlock significant shareholder value from the Lace resource.

“The loans from IDC and Tiffany & Co. illustrate confidence in Lace, with its above average gem content and potential for fancy lilac stones."

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