05/03/2008 - 22:00

In Brief: Paramount explores options

05/03/2008 - 22:00

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PERTH-BASED diamond explorer, Paramount Mining Corporation Ltd, is set to launch a $40 million capital raising ahead of a new exploration float on the Johannesburg Stock Exchange in September this year. It is proposed that Paramount’s South African diamonds assets will be vended into the new IPO, while the company’s expanding diamond projects in Ghana are proposed to be vended into a listing and capital raising on London’s AIM markets by mid next year. Other capital raisings planned by June this year, including the proposed placement this month of 11 million ordinary shares, is expected to inject additional and sizeable capital into the company’s existing and prospective diamond exploration projects in Western Australia. Paramount chief executive Maureen Muggeridge said the moves represented a strategic restructure of the company’s operations, objectives, financial and operational capability.

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