London, England — MININGREVIEW.COM — 23 May 2008 – Kopane Diamond Developments Plc – an AIM-listed exploration and development company focusing on diamonds in Africa – is planning to raise £7 million (R105 million) to plough into the development of its Liqhobong diamond project in Lesotho.
An announcement released here on Wednesday said the company – formerly European Diamonds plc – intended to raise the money by placing 70 million new ordinary shares at 10 pence per share. This was followed by an announcement that the company had received commitments in respect of 60 million new ordinary shares, representing gross proceeds for the company of £6 million (R90 million).
Commenting on the placing, Kopane chairman Tim Read said: “I am delighted with the support we have received from existing shareholders and new investors in this fundraising. The proceeds will put Kopane in a strong position to drive forward the completion of the definitive feasibility study for the Liqhobong main pipe project in Lesotho. On the successful completion of the study, we will have a firm grasp of the project’s economics, which will allow the company to proceed to project financing and implementation with the ultimate goal of producing one million carats per year,” he added.