Nare Diamonds closes IPO early; raises $9.5m

Perth-based diamond producer Nare Diamonds has closed its initial public offer to raise $9.5 million early, following
overwhelming interest from investors throughout Australia and Europe.

The company has now applied for listing on the Australian Stock Exchange (ASX).
Nare launched its IPO initially to raise $7.5 million, on 7 November 2006 and issued a supplementary prospectus to raise a further $2 million due to significant demand from European institutional investors, on 28 November 2006.
Newly formed West Australian corporate advisor Indian Ocean Capital acted as the lead manager and broker on this IPO.

Nare Diamonds was established in 2006 and through its wholly owned South African subsidiary New Diamond Corporation, is positioning itself as an emerging diamond producer with ownership of a producing diamond mine and a number of advanced exploration projects located in the Republic of South Africa.
These include the Schmidtsdrift Diamond Mine (80% interest), the Klipspringer Joint Venture (20% interest),the Groen River Project (100% interest) and the Kamfersdam Kimberlite Pipe and tailings operation (100% interest).