Noted luxury jewellery and specialty retailer Tiffany & Co is a long-term strategic alliance partner of Diamcor and the financing was earlier announced on 16 November 2012.
The Convertible Debenture carries a 9% fixed rate of interest each year and is non-amortizing until 20 January 2014.
After January 2014, the principal and interest is payable monthly under a 36 month amortization schedule until 20 December 2016.
Diamcor operates established mines in South Africa and supplies rough diamonds to markets across the globe.
The company’s primary focus is to identify, acquire and operate producing diamond projects such as Krone-Endora at Venetia Project instead of undertaking exploration.
Commissioning of the project’s processing plant is currently underway and Diamcor plans to continue the ongoing advancement at Krone-Endora at Venetia.
