The company issued 88,362,066 of new ordinary shares 1.16p per share to directors, private shareholders and institutional investors.
Stellar Diamonds CEO Karl Smithson said: "With revenues from our first diamond sale of a 5,900 carat parcel expected in the near-term this placement strengthens the company’s balance sheet at a time when capital markets in the junior sector are notoriously weak.
"We are also pleased to welcome new shareholders to the Company at this exciting juncture in our growth and development."
UBS Deutschland, second largest shareholder for Stellar Diamonds, has subscribed for 62,400,000 of the new ordinary shares.
After admission, UBS will hold 126,488,416 ordinary shares, which is equivalent to 15.58% of Stellar’s issued share capital.
Stellar expects yield approximately 2,000 carats a month at the property based on the current processing capacity and grades.
