Perth, Western Australia — MININGREVIEW.COM — 04March, 2008 – Having applied its resources keenly in refining and enhancing its diversified African and Australian project portfolio, Australian diamond explorer Paramount Mining Corporation Limited is now embarking on the next phase of raising significant global capital to drive its strategic expansion initiatives in South Africa, Ghana and Australia.
In a report to the Australian Stock Exchange (ASX) here today, Paramount revealed that it had mandated North Corporate Finance Advisory Services Ltd of Seychelles, in association with QuestCo (Pty) Ltd of Johannesburg, to handle the listing of the company’s South African diamond assets on the Johannesburg Stock Exchange towards the end of Q3 of 2008. The aim is to raise capital of between A$30 million (about R180 million) and A$40 million (R240 million).
The Perth-based company also intends listing its Ghanaian operations on the AIM in London by June 2009, as well as placing an additional 11-million shares on the ASX to develop its Western Australian diamond exploration properties.
Paramount has a range of exciting and strategically selected projects, top level technical management, strong corporate controls and a tight capital structure. It has gained respect as a serious and committed explorer, focused on company growth and shareholder wealth.
The company’s principal activity and core expertise is in diamonds, nevertheless it also has substantial gold and uranium assets. Its objective is to become a globally significant producer of mainly fine gems, as well as a niche participant in the downstream processing and distribution of diamonds.
The development of these latest strategies has been evolving over an extended period, but has crystallised as a consequence of a recent trip by managing director Maureen Muggeridge and chairman Steven Cole to South Africa, Ghana and London, and the subsequent outcomes of meetings attended, and negotiations undertaken, on that trip.
“Subject to their finalisation, execution and delivery, the outcome of these strategies has the potential to be a ‘company maker’ for Paramount, materially transforming it for the benefit of all its shareholders,” said Paramount chairman Steven Cole.