Sierra Leone Diamond Co to raise at least 13 mln stg in placing at 115p/shr

Sierra Leone Diamond Company Ltd, the diamond exploration company wholly focused on the country of Sierra Leone, said it is to raise a minimum of 13 mln stg before expenses in a cash placing at 115 pence per share to finance the expansion of its current diamond projects and the development of additional non-diamond assets. The new shares will be placed with institutional investors and will represent around 9.6 pct of SLDC's existing issued share capital. Chief executive officer David Gadd-Claxton said the group's strategy of securing positive cash flow from its alluvial operations remains on track, whilst the funds raised will allow the company to increase its alluvial diamond capacity, advance kimberlite exploration on the numerous kimberlite targets and finance the drilling of the iron ore and gold deposits.

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