By Tom Winnifrith | Wednesday 30 September 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I've had it double sourced this afternoon that Paragon Diamonds (PRG) is arranging a placing. The company released its interim numbers this morning and confirmed its intention to buy the Mothae Kimberlite mine from Lucara Diamond Corporation. It is my understanding that the company will need £8million to finalise this deal, which it will not be able to cover fully through debt financing. There is also the small matter of the £500,000 loan Paragon needs to repay in the next two weeks as well as the money it needs to keep the PLC lights on.
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