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Ambitious gem play Paragon Diamonds (PRG) is ‘three months from production’ at Lemphane in the southern African kingdom of Lesotho, says chairman Philip Manduca, after agreeing a $12 million (£8 million) financing deal with Dubai-based conglomerate International Triangle General Trading (ITGT). Guernsey-based Paragon has signed a legally binding memorandum of understanding with ITGT, founded by influential entrepreneur Saeed Al-Falasi, by which the Middle Eastern group will buy $8 million-worth of Paragon shares at 5.5p and provide a $4 million 10% loan notes, guaranteed by Paragon.
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