4th Jul 2016 13:24
LONDON (Alliance News) - Starvest PLC on Monday said it has bought 340,000 shares in AIM-listed Diamondcorp PLC for GBP25,000, and now holds a 0.08% stake in the company.
The investment company targeting early-stage mineral exploration ventures said it may follow up with additional acquisitions of Diamondcorp's stock to increase its holding in the future, following recent diamond stone sales at, or above, reserve prices.
Diamondcorp is an emerging diamond producer operating in southern Africa, and reported a loss of GBP2.4 million for the year ended December 31, but had net assets of GBP7.6 million at that date, Starvest said, adding that the "the recent revenue from sales is a significant milestone for Diamondcorp".
"Under very tough market conditions Diamondcorp have managed to establish themselves as an early stage producer of extremely marketable parcels of stones. We look forward to further information from this very exciting company as they build their sales into key markets," said Chairman and Chief Executive Callum Baxter.
Shares in Starvest were down 27% at 1.55 pence on Monday afternoon, while shares in Diamondcorp were down 0.8% at 6.57p.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SVE.LDCP.L