Diamond producer Diamcor Mining has successfully closed the second and final tranche of its non-brokered private placement, raising an additional C$600,300 and bringing the total proceeds to approximately C$2 million.
The company had previously announced the closing of the first tranche on June 4, which raised about C$1.4 million.
Insiders, management, directors, and significant shareholders collectively subscribed for around C$1.37 million of the offering.
In total, Diamcor will issue approximately 40 million units at a price of C$0.05 per unit. Each unit consists of one Class A Common share and one non-transferable share purchase warrant.
Each warrant allows the holder to acquire an additional Class A Common share at an exercise price of C$0.075 within 36 months of closing each tranche.
The proceeds from this offering will be used to further advance Diamcor’s Krone-Endora at Venetia project in Limpopo, South Africa.
The funds will support ongoing work programs, drilling and bulk sampling efforts, potential acquisitions, and general corporate purposes.
Additionally, Diamcor plans to continue discussions with financiers and industry-related parties to explore further funding opportunities that could enhance long-term shareholder value and growth.
