LONDON (Alliance News) - BlueRock Diamonds PLC said Monday it has raised GBP575,000 to continue to progress the development of Kareevlei diamond mine located in the Kimberley region of South Africa.
The mining company has issued 191.7 million shares at 0.3 pence per share. On Monday morning the stock was down 11% at 0.34p.
Back in November 2018, the company had raised GBP711,000 via a placing and subscription of shares. It raised GBP626,000 via issue of 208.7 million shares at 0.3 pence each and a further GBP85,000 via subscription of 28.3 million shares at the same price.
BlueRock said the recent recovery of large, high-quality gem diamonds has encouraged the company to fast track its production targets. As a result, further investment in the crushing circuit will be necessary and a number of options are being considered, including outsourcing and external funding from industry partners, the company added.
On Friday, BlueRock Diamonds reported recovery of a 16.28 carat gem-quality diamond from the Kareevlei mine. The new diamond was 4.58 carats larger than the previous largest diamond recovered by BlueRock.