By Devika Patel
Knoxville, Tenn., May 21 - Kopane Diamonds Developments plc announced it has arranged a £7 million private placement of shares.
The company will sell 70 million ordinary shares at 10p apiece. Of the shares, 19.7 million have already been sold to HSBC Principal Investments for £1.97 million. HSBC may elect to buy more of the remaining 50.3 million shares.
Canaccord Adams is the agent.
Proceeds will be used to finance the remaining costs of the company's definitive feasibility study and environmental and social impact assessment of the group's Main Pipe project in Lesotho and for general working capital purposes.
London-based Kopane Diamonds is a diamond exploration, production and development company.
| Issuer: | Kopane Diamonds Developments plc
|
| Issue: | Ordinary shares
|
| Amount: | £7 million
|
| Shares: | 70 million
|
| Price: | 10p
|
| Warrants: | No
|
| Agent: | Canaccord Adams
|
| Investors: | HSBC Principal Investments (for £1.97 million)
|
| Pricing date: | May 21
|
| Stock symbol: | London: KDD
|
| Stock price: | 9.75p at close May 20
|
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