Miner raises a slug of cash by issuing new shares at a massive discount to the market price
Thursday 07 Dec 2017 Author: Daniel Coatsworth

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)

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