Stornoway Diamond Corporation has received $ 63.3 million (82.7 million Canadian dollars) as a result of shareholders exercising their right to buy coupons in terms of preparation for the launch of production at its Renard Project (by Renard), Rapaport reports portal.
The funds will be directed to the completion of the project Renard, where the processing of ore is scheduled to begin in September, while industrial production - in December. Projected reserves, which is located in Ottawa (Canada), was 22.3 million carats, with an expected service life - 14 years.
"This will further strengthen our financial balance sheet and provide greater financial flexibility that will flow cash flow," - said CEO Mett Menson Stornoway (Matt Manson). The company also has a line of credit for $ 76.5 million (100 million Canadian dollars), which it can use, if there is a need for additional funds.
At the time of its release on July 8 coupons were estimated at 0.9 Canadian dollars. At the close of trading on the Toronto Stock Exchange on June 12 Stornoway shares worth 0.95 Canadian dollars.
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Suratskaya Diamond Association (Surat Diamond Association, SDA) and the Council to promote the export of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) jointly organized a program to raise awareness of members of the diamond trade in Surat. Diamond traders and cutters commented on the need to use bills of exchange for transactions, to avoid default on them.
Representatives and members of the SDA GJEPC organized a public display of bills among diamond dealers and encouraged to use such papers in their diamond transactions to curb cases of cheating and fraud.
According to reports, about 75% of traders in the diamond market have begun to use the bill. The rest are still using the old traditional system of notes for business.
"The industry in the past year and a half faced with cases of defaults amounting to many millions of rupees. In traditional scrapbook traders indicate the seller's name, the amount and weight of sold stones in carats. The court or the police is difficult to prove the authenticity of these notes. On the promissory notes as diamantaires can be confident that they will get money "owed to them, - said the regional chairman of GJEPC Dinesh Nawada (Dinesh Navadiya).
He also said that the traders and owners of buildings and offices are also aware of the collection of personal data vendors, which they rent out their offices, so that the police would be easier to trace the whereabouts of a scam.
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