Diamcor signs letter of intent with Dubai-based company for a loan of up to $5m
Canadian diamond mining company Diamcor Mining, which owns and operates the Krone-Endorra at Venetia project, in South Africa, has entered into a nonbinding letter of intent for a non-dilutive financing of up to $5-million with a well-established Dubai-based manufacturer and supplier of bridal and anniversary diamonds to the global market.
The commercial terms of the financing will be finalised in the course of negotiating the associated definitive documentation and are expected to include a security interest, an interest component and a revenue participation component.
The proceeds of the financing will be used to expedite the processing of previously stockpiled oversized material; the concurrent deployment of additional assets aimed at significantly increasing processing volumes for the long-term; the continued advancement of the work programmes that are under way; and for general corporate purposes.
“This financing is the result of long-term relationships we have developed with key associates in Dubai over many years, and the mutual vision our companies share on the merits of building a growing supply of gem-quality non-conflict natural rough diamonds for the luxury jewelry sector.
"While 2024 was a challenging year for everyone in the diamond industry, we believe the factors responsible for this will ultimately begin to stabilise by the second half of 2025, and this financing will help to ensure we are well positioned and ready for this anticipated recovery,” comments Diamcor CEO Dean Taylor.
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