Firestone Diamonds goes cap in hand
Lesotho-based Firestone Diamonds (FDI:AIM) has raised £18.5m by issuing new shares priced 80% lower than its share price at the start of the year.
The miner was forced to downgrade its production guidance by a fifth in August after finding fewer large stones than expected.
That setback has weighed on the share price and left the company in a weak position for the latest fundraise which was done at an astonishing 49.4% discount to the market price on the eve of the announcement. (DC)