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Mwana Africa raises funds for diamond operation

Published: 03:41 02 Sep 2015 EDT

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Major shareholder CIMGC is subscribing for its pro-rata 15.6% entitlement.

Miner Mwana Africa (LON:MWA) is to raise just short of £3.7mln to shore up its balance sheet and expand its diamond operation.

Terms of the open offer are one new share for every 3.802 at a price of 1p.

Major shareholder CIMGC is subscribing for its pro-rata 15.6% entitlement and will apply for excess shares up to the 29.9% mandatory bid limit.

The proceeds will fund work to re-start underground production at the Klipspringer diamond mine in South Africa, corporate restructuring and re-organisation costs following board changes in June.

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