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Paragon Diamonds moots key acquisition

By Robert Tyerman | Friday 13 March 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.


Gem hopeful Paragon Diamonds (PRG) has raised £130,000 at 5.5p to fund due diligence on acquiring another African diamond mine in a transformative deal to double the company’s productive capacity. Having agreed a $12 million (£8 million) equity and debt package in January with Dubai-based International Triangle General Trading (ITGT) to take its Lemphane project in the southern African kingdom of Lesotho into production by June, AIM-quoted Paragon says it has spotted another tempting project.


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