By Marisa Wong
Milwaukee, Jan. 13 - Kopane Diamond Developments plc plans to raise approximately £5.7 million through a placement of ordinary shares.
Kopane will sell 47,774,522 ordinary shares at 12p per share.
In addition, the company plans to issue 24,774,187 of the placing shares to Lanstead Capital LP for a total subscription price of about £2.97 million and will enter into an equity swap agreement with Lanstead.
JMFinn Capital Markets Ltd. is the placement agent.
Proceeds, which are estimated to be £5.4 million, will be used to resume work on the definitive feasibility study for the main pipe at Liqhobong in southern Africa and to assess strategic investment opportunities.
Kopane is a London-based diamond producer, developer and explorer.
| Issuer: | Kopane Diamond Developments plc
|
| Issue: | Ordinary shares
|
| Amount: | £5.7 million (approximate)
|
| Shares: | 47,774,522
|
| Price: | 12p
|
| Warrants: | No
|
| Agent: | JMFinn Capital Markets Ltd.
|
| Investor: | Lanstead Capital LP (for about £2.97 million)
|
| Pricing date: | Jan. 13
|
| Stock symbol: | London: KDD
|
| Stock price: | 12.5p at close Jan. 13
|
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