Stellar Diamonds raised £314 914 after they exercised over 28 million warrants by two of its supportive major shareholders that will help fund its on-going definitive feasibility study at its 1.1 m carat Tongo Dyke-1 kimberlite project in Sierra Leone, which has a 1.1 million carat resource.
“The exercise of these warrants underpins the supportive nature of our major shareholders and the prospectively of our project portfolio, particularly Tongo where recent results from bulk sampling taken for the DFS were outstanding, and confirmed the continued high grade nature of the 1.1 million carat resource. We are at an exciting juncture in the development of our company as we advance Tongo towards production and look forward to providing regular updates on the progress being made,” said Karl Smithson, Stellar Diamonds chief executive.
Foradex, Stellar Diamonds’ largest shareholder, has exercised warrants for 24,628,545 new ordinary shares. Post admission, Foradex will hold 114,192,090 ordinary shares representing 20.77 per cent. of Stellar Diamonds’ issued share capital.
Tongo’s results to date have been encouraging including those of a bulk sampling programme which recently confirmed the high grade nature of Tongo with outstanding 86% gem quality diamonds.