Gem International announced its intention to publish privately 30 million securities worth $ 3 million, or $ 0.10 per unit.
The funds will be used by the company for the needs of working capital, as well as for the preparation of documents to resolve on a conditional agreement to acquire exploration project Dala (Dala) in Angola.
Dala project at an early stage of development and has the potential to detect both alluvial and kimberlite.
Each of the securities placed now will consist of one share and one right to purchase one additional share non-transferable. Resolution will act within two years from the date of its issuance, and stock price according to the resolution will be $ 0.20 per unit.
Last month, Gem International Resources reported that its operating partner of Global Gems International started the evaluation and production of diamonds of the priority areas selected as favorable for search of alluvial diamond deposits in the area of 3000 square meters. km license alluvial portion Dala.
As stated in the Gem International, on the project have been identified more than 30 high-priority areas. They include standard rock trap in drains of active clusters and river gravel, preserved in old bends and terraces.
Meanwhile, the company is in the process of studying the extensive database of exploration both alluvial and kimberlite deposits of the former owner of Dala concession. The company plans to get all the information that will be needed for the current operation.
The company has data on more than 900 alluvial areas, and extensive information on the exploration of kimberlites accelerate the possibility of setting priorities for the initial work areas.
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Stellar Diamonds said it seeks to transform itself from an exploration company in the diamond after the start of the development project Tongo (Tongo) in Sierra Leone. It is expected that the company will soon receive a license to mine diamonds in this project.
The Stellar statement after half said that the development of Tongo project will be a priority for the company in the coming months.
Last year, Stellar has applied for a license to mine diamonds from the site Dyke-1 (Dyke-1) with the content of resources 1.45 million carats.
"... There is an opportunity to further expand the resource potential of Tonga on three more Undrilled upscale kimberlites in the vicinity of Dyke-1. Subject to the availability of funding, we will strive to make drilling Dyke-4 and evaluate the content of the resources on it, which is expected to to be about 500 000 carats These resources will be added to the 1.45 million carats in the Dyke-1 after the start of production, "-. the chairman of the non-executive Stellar Lord Daresbury (Lord Daresbury).
"Now we are trying to appeal to an appropriate source of funding Tongo project. The total capital requirements (including working capital for project) is expected to be $ 25 million. These funds will run both terrestrial and shaft mining operations" , - he adds.
Meanwhile, Stellar said it will continue to perform sampling on the project Baul (Baoulé) in Guinea. The selection program 100 000 tons of rock is completed by 73%.
According modeling the last drilling rock reserves to project up 22 million tons with an average content of 12.7 carat diamonds per hundred tons of ore. General diamond reserves are estimated at 3 million carats.
As noted in the Stellar, during the reporting period, the company recorded a loss before tax of $ 886,463 versus $ 956,191 in the same period of the previous year.
Meanwhile, the volume of funds increased to $ 373,602 compared to $ 65,649 a year earlier.
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