27th May 2014 09:30
LONDON (Alliance News) - Firestone Diamonds PLC Tuesday said it is set to begin building the main treatment plant at the Liqhobong Diamond Mine in Lesotho in the coming weeks after entering into the previously arranged financing package.
In a statement, the AIM-quoted diamond company said it has entered into the Absa debt facility, subscription agreements and the mezzanine facility agreement, under which it has raised USD225.2 million to build and commission the main treatment plant and supporting infrastructure at the Liqhobong Diamond Mine.
Johannesburg-based Absa Bank Ltd is a wholly owned subsidiary of Barclays Africa Group, part of Barclays PLC.
"Entering into the financing agreements, following receipt of shareholders' approval for the fundraising at the general meeting, is the concluding element to the project financing package required for Firestone to commence building the main treatment plant at its Liqhobong Diamond Mine in Lesotho. We look forward to beginning the early earth works on the project in the coming weeks following receipt of funds from the placing and subscription on admission," Stuart Brown, chief executive, said in a statement.
Firestone Diamonds shares were Tuesday quoted at 3.76 pence, up 3.6%.
By Samuel Agini; [email protected]; @samuelagini
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