Stellar Raises $330,000, Reorganizes Capital Structure

Finance and Trade
19/08/2015 10:11

London-listed Stellar Diamonds has raised $330,000 through the issue of a new unsecured convertible loan note to Germany-based investment group Deutsche Balaton, providing the West Africa-focused miner funding to advance development of a “significant” hard rock diamond mine from its portfolio of projects in the region. CEO Karl Smithson said that it had become necessary for Stellar to undertake a capital reorganisation to amend the nominal value of its shares relative to the price at which the group was currently able to issue new shares. As such, the company's shares would be consolidated and subdivided. “The directors consider that the participation of Deutsche Balaton and the proposed share reorganisation are important developments in the transformation of Stellar from a junior explorer into an established diamond producer,” he said in a statement on Friday.