Firestone Diamonds plc (LSE:FDI) announced that its Liqhobong diamond mine, located in Lesotho, is now fully funded. The announcement follows the news that the company has secured the US$82.4-million debt facility that it announced in November and agreed in principle to an additional funding package.
As quoted in the press release:
This funding package comprises bridge and mezzanine facilities and equity subscriptions from two new strategic investors, being Pacific Road Resource Funds (‘Pacific Road’) and Resource Capital Fund VI L.P. (‘RCF VI’), both leading mining-focussed investment groups, together with a brokered equity placing with new and existing Shareholders, totalling, in aggregate, US$140.0 million (£85.4 million) (before expenses) (together the ’Fundraise’).
The Board of Firestone believes that the Fundraise demonstrates the investment case for the construction of the Main Treatment Plant and supporting infrastructure at the Liqhobong Diamond Mine and emphasises the confidence and commitment of the Company’s new and existing stakeholders in the Project, the Company, its management team and, importantly, the Kingdom of Lesotho. The Board would particularly like to welcome Pacific Road and RCF VI as major stakeholders in the Company.