By issuing 2 million special warrants, Namibian Minerals (TSE) has raised $17 million for exploration and development of its diamond concessions off the coast of Namibia.
Each special warrant, sold for $8.50, is exercisable into one unit consisting of one common share and half a common share purchase warrant. Each whole purchase warrant entitles the holder to buy an additional common share for $11.
Proceeds will be used to extend bulk sampling on the Hottentot Bay grant and to design and construct mining operations for the Koichab prospect of the Luderitz Bay grant.
Bulk-sampling results from these two areas have been promising, with diamonds from the Luderitz Bay grant averaging US$206 per carat. Namco, a subsidiary of Namibian Minerals, expects to begin production in early 1997.
To strengthen the marine operations, Namco has appointed Hans Duijzers as head of Marine Engineering. He was formerly engineering manager for De Beers Marine.
Be the first to comment on "DIAMOND PAGE — Namibian Minerals raises $17m"