Tahera completes financing

Diamond explorer Tahera (TAH-T) will get a $13-million cash infusion from Australian mining financier Joseph Gutnick, pursuant to an equity deal announced in early June.

Edensor Nominees, trustee of a fund set up for Gutnick’s family, will subscribe for 104 million shares of Tahera at an average of 12.5 per share for gross proceeds of $13 million. Gutnick, whose Great Central Mines was absorbed by Normandy Mining (NDY-T) in 1999, becomes chairman of Tahera’s board but will leave the operation of the company to present management.

Edensor also receives 52 million warrants, exercisable at 15 for four years. Should all the warrants be exercised, Tahera will have a total of $20 million added to its treasury.

A second agreement was reached with creditor Dundee Precious Metals, which is taking 7.6 million shares and 3.8 million warrants (under similar conditions to the warrants being issued to Edensor). The equity issue is a conversion of $950,000 of debt Tahera owed Dundee under the terms of a convertible debenture.