ACR to raise £10 million for diamond exploration project
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23.11.09, 15:11
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World
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Opting for the legal route in the battle over control of Chiadzwa diamond claims, African Consolidated Resources (ACR) reported that it has raised £10 million for expansion projects in Zimbabwe.
According to a recent article in the Sunday Mail, The mining group additionally insisted that the Zimbabwe Mining Development Corporation (ZMDC) is still exploiting diamonds from its claims. In their statement, ACR claimed to have conditionally raised the amount of up to £10 million through a placing from Ambrian Partners Limited of 70.7 million new ordinary shares of one pence each in the company capital with new & current shareholders according to a price of 13,75 pence per share.
It is assumed that the total proceeds from this is expected to surpass £9,5 million, estimated to be worth $16 million U.S as of the current exchange rate. That stated, the cash funds will be enlarged with cash funds that stand at £1,8 million or estimated $3 million U.S. at the end of October, as well as additional proceeds from the Pickstone gold mining project.
ACR recently established a cooperative undertaking alongside the South African firm TWP, in order to process gold from the Pickstone dump, an undertaking that will involve the construction of an elusion plant. The new funding is intended to finance company projects that include a Blue Rock gold drilling project, as well as drilling to be carried out within the Pickstone Peerless gold project as part of the ACR aim is to expand and improve the its ongoing projects.
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By: Uri Haviv
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