Petra Diamonds, the international diamond mining group, announced that it has completed a placing with institutional and other investors raising gross proceeds of $120 million.
The Placing Proceeds will be applied in part settlement of the $80 million Al Rajhi Holdings loan as part of the option to increase Petra’s holding in the Cullinan diamond mine from 37 to 74%; to provide working capital to increase diamond production from its six producing mines in South Africa and Tanzania; to repay the US$20 million Al Rajhi convertible loan note; and to strengthen the Company’s balance sheet.
